Cryptocurrency trade marketing has been always revolved around speculation. Yes, I know you must be thinking that every trade deal is based on speculation. However, when it comes down to the Cryptocurrency trade, speculation is the main spice to be a successful crypto trader.
With all the hype going on in the market due to the COVID 19, there are traders who think that that will not affect the market evaluation of the Cryptocurrencies.
Here are trends that made the traders think that way.
Halving
The recent talks have been going about the bitcoin halving. Bitcoin halving is going to be introduced in May 2020. After the introduction of the Bitcoin halving, the price of the Bitcoin mining will be reduced to half, that is, the price will reduce from 12.5 to 6.25 bitcoins.
This event might seem dramatic, but this kind of event has already been done in the past, and surprisingly, it had brought many changes in the Cryptocurrency’s prices.
There have been two instances when the halving of the Bitcoin has been made. And this event has a history of bringing scarcity to the cryptocurrency market. The traders and investors are thinking the same thing during this year’s halving as well.
Libra
Libra is a new cryptocurrency that is meant to be launched in 2020 by Facebook. However, as the situation stands, it will be hard for Facebook to launch Facebook Libra during the widespread of the COVID 19 and the election year of the U.S.
No matter how you see, there are many uncertainties in the new Cryptocurrency Facebook Libra. In all these uncertainties, there is one certainty that Facebook Libra will have more than 170 million Libra users from the United States alone.
The main motive of the Facebook Libra is to bring legitimacy to the Cryptocurrencies.
Feds
Finally, the government decided to steps in for scrutinizing the cryptocurrencies. 2019 has shown that federal agencies are aware of the Cryptocurrency and are not part of the society but it has become the core part of it.
The central government is preparing themselves to consider cryptocurrency a part of the mainstream currency and now the entire Crypto traders are liable to taxation on their profits.
Now one the Cryptocurrencies are getting recognition of the government and the Crypto traders are taxed on their Crypto profits, one of the major issues has been solved. Now the only part that remains to be solved is to lift the highly restrictive use of the Cryptocurrencies.
Market Consolidates
Volatility is the feature of the Cryptocurrencies and turmoil is its second nature. Even after the price of the bitcoins flattening in 2018, investors and traders still invested in them. This resulted in where the Cryptocurrency currently stands now.
If you compare the interest returns of the mainstream investment and Cryptocurrency investment, you will be able to see why people are investing in the Cryptocurrency. The difference is so huge that many people have made the Cryptocurrency investment their mainstream career.
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Conclusion
After going through all the trends, you must have noticed that the Cryptocurrency is making its way into the mainstream. People are now using it like actual currency. However, with the introduction of the Libra, the transition of the cryptocurrency to the mainstream has been catalysed.
However, the question still remains the same that how Cryptocurrency will be used on all the platforms, and how to secure the transaction will be. There is a conflict going on with the Crypto wallets and the public ledgers. All these questions can only be answered by the people who will actually try experimenting to find answers to these questions.