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A wave of delays and disappointments have hit the crypto industry. In such times, it is tempting to throw in the towel and give up Bitcoin. What are the reasons to be optimistic? What upcoming changes will change the mood?
In recent weeks, Bitcoin's future Bakkt institutional product has been delayed indefinitely and the long-awaited VanEck SolidX Bitcoin ETF has been scrapped, apparently due to the closure of the US government. Ethereum has delayed its upgrade to Constantinople due to a critical bug, and more exchanges have been hacked around the world.
However, crypto has always had ups and downs. Here are three reasons to hope:
Reason 1 – The miners still believe
As the CNR reported, Bitcoin's mining exploitation difficulty has recently increased by 10%, breaking with the downward trend that has been raging for several months and is attributable to to the bear market. The new data available show that BTC hashrate has increased by more than 35% compared to its recent low.
This uptrend suggests that miners think that there is an imminent recovery of prices on the cards.
Reason 2 – Crypto is undervalued
The total market capitalization of cryptocurrencies is $ 113 billion, roughly the same as that of PayPal ($ 111 billion). Yet the amount of innovation and development efforts devoted to cryptocurrencies is staggering. Very few OICs have launched their product, but many are still in development.
Blockchain is a disruptive technology that reduces costs, increases transparency and transfers value. It's only a matter of time before the value is realized.
Reason 3 – Institutional investors arrive
Do not doubt, where there is money to be made, the banks will come. However, no bank will risk fine for its transactions in unregulated markets and therefore plays the game of waiting.
Although the ETFs in play have been delayed indefinitely, it is only a matter of time before the full regulation is published and cryptobadets are subject to appropriate regulatory oversight, which means that they can finally get rid of the black cloth and head towards the establishment.
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