“Crypto Spring” may become a reality if some reported predictions prove to be correct. Bitcoin has more than doubled this 2020, racing from a price high that it reached back in November 2021 of $69,000. Considering the drastic drops due to hardware pricing raises a year ago that were the cause of the “Crypto Winter”, this is an exciting development.
However, due to the controversies that still hound the market, some investors may not be hoping for too much from Bitcoin only to have their hopes be dashed again. Unfortunately, the accusations are in no short supply; noteworthy examples are the charges against the two most influential organizations in cryptocurrency: FTX and Binance. For FTX (formerly one of the world’s most reputable crypto exchanges), its CEO and founder Sam Bankman-Fried is facing as many as 115 years in prison; FTX has filed for bankruptcy. Binance, meanwhile, accepted a settlement with the U.S Department worth $4.3 billion amidst allegations of Bank Secrecy Act violations. Changpeng Zhao, the founder of the exchange, withdrew as CEO and is awaiting an impending sentence.
However, in the face of what may have been the final setback of its kind, crypto-monetary investors maintain their sentiments that the new ‘crypto streaks’ signal an opportune period for reliable leaders to “strengthen up the abiding industry,” as noted by David Marcus, CEO of Lightspark and a active cryptocurrency financer. This has energized viewership (investment equivalent of viewership) to other digital money related arrangements, not least among those being Coinbase whose market share doubled this year.
Predictions of Bitcoin appreciating up to six-digits at the end of 2024 could definitely mark this as a period of revival if the market woes remain low key. Let’ the new streak begin!
