Source: ETHNews, originally published on .
Juniper Research has stated that the crypto market is on the “brink of an implosion,” despite favoring factors to boost values.
Not a Good Time for the Market
Since the beginning of 2018, the crypto industry has not been recording similar record highs seen toward the latter part of 2017.
Bitcoin, for instance, was trading near the $20,000 mark mid-December. However, fast-forward to October and it’s valued at $6,560, according to CoinMarketCap. Other coins that are far from previous highs include Ether, XRP, Bitcoin Cash, and Litecoin to name a few.
Yet, according to researchers at Juniper Research, this doesn’t bode well. In a new study published yesterday, Windsor Holden, a U.K.-based Juniper researcher, said:
If Bitcoin cannot make gains in such favourable circumstances, then it is unlikely to prosper as and when these issues are resolved. We feel that the industry is on the brink of an implosion.
Some of these favorable circumstances include the likes of new platforms opening up for institutional investors. Coinbase is one such example. In July, the crypto exchange launched its Coinbase Custody service aimed at targeting large institutional investors. Citigroup is also making it easier for institutional investors to get involved. Whereas, Fidelity Investments is offering Bitcoin Exchange-Traded Notes (ETNs) trading to its customers.
However, despite this, Bitcoin’s value remains low. Not only that, but while it hasn’t seen any major price swings lately, it remains within the $6,200 and $6,800 range.
Interestingly, according to Holden, there are several factors which may be impacting market prices. These include credit card bans on crypto purchases and advertising bans on initial coin offerings (ICOs). She said:
Taken together, this means that there is likely to be less demand, with less funds available to invest in Bitcoin.
Notably, though, despite this, bullish feelings remain elsewhere for the market.
Yesterday, it was reported that Bitcoin’s price is about to explode. This is according to Ran Neu-Ner, host of CNBC’s Cryptotrader show. Taking to Twitter, he said:
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode.
He believes that the upcoming decisions by the U.S. Securities and Exchange Commission (SEC) could play a significant role in boosting prices up.
A poll conducted by Fundstrat’s Tom Lee shows that Wall Street is more bullish on Bitcoin compared to those on Twitter. Reported on last week, Lee found that 54 percent of Wall Street believe the worst is over for Bitcoin. This is compared to 44 percent from Twitter.
What do you think of the Juniper Research report? Do you think the crypto market is ready to implode? Let us know in the comments below.
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