In the days leading up to writing this article, I was reviewing some of the recent news stories about cryptocurrency and thinking of a way to accurately predict how the remainder of the year would flesh out. And I wake up to the morning Business News that the Cryptocurrency market has lost somewhere close to 26 billion in value due to plummeting oil prices overnight. The “behemoth” of the world of Crypto, Bitcoin lost over 10% of its value in 24 hours. The other giants in the crypto sector to suffer huge losses included Ethereum, XRP and Bitcoin Cash to name a few. Whereas ChainLink (LINK) didn’t flinch. What will this portend for crypto for the remainder of the year? Only time will tell.
On a Side Note….
There are number of happenings in the world of crypto that will still be interesting to follow in the months to come. Such as Facebook’s move into the market through the introduction of the “Libra Coin”. I remember watching the US Senate grill Mark Zuckerberg back in October 2019 about his plan for the digital currency. In the wake of all the negative publicity and fallout over data privacy issues with FB, you could tell the Senate wasn’t “buying what he was selling”. I’m guessing his objective would be to promote the currency in developing markets, I would be heavily surprised to see his digital coin get any traction in the US. Or Australia. Or any number of financially stable and mature marketplaces. For those that use FB? Would you be interested?
Other things to keep your eye out for is the state of Wyoming? Which interestingly has become a bit of a hotbed for Cryptocurrency. And I always thought of ranches, empty spaces and the occasional rodeo when Wyoming comes to mind. Hey, even I can be surprised once in a while. But apparently Wyoming has enacted around 13 Crypto/Blockchain laws over the last few years. And this is the most sparsely populated state in America. So keep your eyes in Wyoming in the near future. Historical trends would indicate despite the massive losses overnight cryptocurrency is here to stay. What does everyone think? If you haven’t explored the world of crypto previously would you suddenly consider it after the events of yesterday? Let us know your thoughts.