The year 2018 has seen a lot of doldrums in the cryptocurrency market. This doesn’t mean there may not be any improvement in the prices. The cryptocurrencies have lost most of their value during the first forty days of the year. But after the recent dip, many of the investors are back on track to the cryptocurrency market.
The overall cryptocurrency market collapsed in 2018. Due to which 10 largest cryptocurrencies lost more than 80% of their value between January and September. This decline was fueled by security breaches and hacks, spiking fees, and the popping of a highly speculative bubble. During September, the New York Attorney General’s Office released a report exclaiming that crypto exchanges were at risk of market manipulation.
ATKearney Global Business Policy Council reported that in the year 2019, the crypto market will consolidate. Also that Bitcoin will regain about two-third of the cryptocurrency market capitalization. This was previously useful in the growth of altcoins.
Also the council believes that the regulators across several markets may soften their stance towards the sector along working to improve market transparency. The council also wrote in the report that the UK parliament which wishes to end wild west of crypto markets will pursue regulations that stifle criminal activity and hence reduce price volatility. It also tries to make the United Kingdom a hub for cryptocurrency market.
Simultaneously, it also notes that the US Securities & Exchange Commission will warm Bitcoin Exchange traded funds. And also works with US Commodities Futures Trading Commission to enhance the market transparency.
Ironically, for cryptocurrencies to see a third decade, the only viable path forward involves the acceptance by the international financial system. Cognizant of this, the recently formed Blockchain Association may initiate to lobby American policymakers to improve cryptocurrencies’ image in 2019.