Cryptocurrency On The Rise

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Cryptocurrency On The Rise

The Bank of International Settlements (BIS)

The price of BTC and many of the other cryptocurrencies rose in price on June 18, 2018. This was a surprise to most of the market regarding cryptocurrency in relation to the articled published by The Bank of International Settlements (BIS), an organization of 60 of the world’s central bank. The article was published on June 17, 2018 titled “Cryptocurrencies: looking beyond the hype”.

BIS Report

The report looked at the future of cryptocurrency and why crypto will not be mainstreamed like money. Their report focused on “scalability, the stability of value and trust in the finality of payments.”

Some main points for consideration:

  • Decentralized currencies are unstable, once market loses trust in the currencies, the value will drastically drop.
  • Blockchain splits, leading to a huge plummet in pricing
  • Demand for power outgrowing supply in the long run
  • Processing capabilities of the internet not able to keep up
  • Power concentration in relation to mining pools with high processing capabilities
Cryptocurrencies

Cryptocurrency Rises

Cryptocurrency Price

Looking at the image to the left taken from Cointelegraph’s heatmap, you can see that the top cryptocurrencies all rose in price.

Rises (based on % changed):

  • Bitcoin Cash up by 4.66%
  • BTC up by 3.83%
  • ETH up by 4.16%
  • LTC up by 2.75%
  • Ripple up by 2.7%
  • EOS up by 2.19%

The Next Step

The best option is to invest now! Most people are quick to react and not holding on for the long term leading to losses compared to gains. Even with such a negative report, you still saw that the price of BTC jump from $6500 to $6735 and ETH jump from $492 to $520. The future of cryptocurrency is bright and with the market’s adoption (such as government and financial services), crypto can grow into something big in the future.

Start your mining operation now by contacting MiningSky, your one stop for a full-service solution to crypto mining.

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