According to experts, this year’s Crypto winter is coming to an end. After an epic rise from $162 up to $19,886 in just over two years, the price of Bitcoin fell by nearly 70% between December 17, 2017 and February 6, 2018, to under $6,000. Alternative cryptocurrencies (altcoins) came under tremendous pressure too, and some of them lost 80–90% of their recently achieved all-time highs. Meanwhile, at least Bitcoin was able to recover some of those losses and temporarily reached $11,300 again.
So, with the bubble firmly intact, it’s onwards and upwards for now. For the crypto bulls, the rebounds are likely to cement the cryptos and how the cryptocurrencies progress will gradually become more aligned with the success of the blockchain technologies that each have to offer.
Winter Is Gone
What ended the winter? I find three major factors here.
First, there is new adoption taking place within large funds of an establishment sort. I’m speaking here of Rockefeller and Soros relationships. Investors don’t like to be left out. You can cite all the government warnings and threats you want but when the major players in the world economy are adopting, it means something.
Second, the end of the tax season arrived. Perhaps for the first time, many crypto owners became profoundly aware that it would be a fiscal error to decline to report earnings in this market. At the end of the calendar year, the earnings had become extremely intense. Just to pay what they owed, they had to sell. For months, in fact, industry insiders have predicted a price recovery following tax season.
Third, and perhaps most importantly, the news broke that a major Islamic scholar had declared that cryptocurrency is compatible with Sharia law. Just the term “Sharia law” in the West strikes many people as strange and foreign. In fact, this religious law is not that different from Talmudic law in the Jewish tradition or Canon law in the Catholic tradition. It is diverse, forever adapting and evolving, and very serious with regard to scholarship and legal tradition. And it has profoundly affected money and banking in the Islamic world.
There will be another winter. And another. To get the best sense of the potential here, it’s best to look at the price, not day to day, but on a logarithmic scale. Here is where we can see the potential of the technology. That has a much more meaningful significance than the fickle judgments of seasonal news hounds that make the difference on the daily margin.
All these signs are a clear indication that the Crypto winter is coming to an end.
One business who is very aware of the end of the crypto winter and has been preparing for the market turn is Baanx.com. They have been biding their time and preparing for the sharp climb back to the top that Bitcoin and similar currencies will undoubtedly make.
Baanx — Where Banking Meets Crypto
Baanx.com is the world’s first decentralised Blockchain Cryptobank with an Open Access, Open Source and Open Ownership platform — sharing bank licenses between Cryptobanks on the platform.
They are a Cryptobank with a difference, allowing qualified businesses, individuals, banks and charities to launch their own Cryptobank on the platform using rules based, smart contracts.
Baanx.com deliver a simple way of managing digital assets safely by bridging the gap between markets and the crypto world. Their mission is to bring daily use of Cryptocurrencies to real life and create an unopposed banking service for both Crypto and Fiat currencies.
If you are interested in learning more about the Baanx movement then check them out at https://baanx.com and learn how you can support change in banking, decentralisation and open source, open access and open ownership for Cryptobanks.
For more details visit:
Whitepaper https://baanx.com/sites/all/themes/baanx/Baanx_white_paper_v004.pdf
Twitter https://twitter.com/baanxcom
Facebook https://www.facebook.com/baanx.io/
Reddit https://www.reddit.com/user/baanx
Medium https://medium.com/@baanx
