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August 24 2018

Vinay Sharma, Senior Trader at ayondo markets “Move back to $8,000 is possible in short term but crypto bubble has burst”

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“The cryptocurrency market felt somewhat of a “fashion statement” for new fintech-based millennials last year, with the crypto craze sending prices to astronomical levels. This year however we have seen a serious correction due to many reasons. Regulatory pressures, exchange hacks, and the viability for the use of a cryptocurrency are three major reasons for this price fall but as with any craze, the buzz has dissipated and cryptocurrencies are no longer in vogue.

“In my opinion there is little or no chance of a cryptocurrency being used as an actual medium of exchange. At the minute they are being treated as speculative assets and it’s fair to say the asset bubble on crypto’s has definitely burst. In the short term I wouldn’t be surprised if Bitcoin is 20-30% higher in the next few months. There does seem to be some technical support in bitcoin from about $5400-$6000, so a move back to $8000 is possible in the short term. However, as a long term asset, I’m not so sure on its viability as a currency, so I would only be holding Bitcoin from a short term trading point of view.

“In 5-10 years’ time I’m pretty sure Bitcoin will still exist but I wouldn’t be surprised if it is at half the current price of $6000. Twenty years down the line I would be wandering if they still exist at all.”

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