Crypto & Digital Assets
Bloomberg ‘Crypto Summit’ Look at The Future After the Worst November Ever For Crypto
04 Dec 2018
The cryptocurrency market is not going through its best moments. November has seen the worst performance in years for both altcoins and major digital coins. In fact, it is thought that over $70 billion, or one third of the market, was wiped out in November plunging all altcoins to their lowest levels for well over a year. Major crypto couldn’t avoid this nefarious month either and have been hit badly.
According to News BTC, Bitcoin had its worst month for seven years dumping around 35% over the thirty day period. Starting out at over $6,500 on November 1st, Bitcoin plummeted to around $4,280 by the end of it. BTC hit a low point for the year just below $3,600 on the 25th marking a record dump of 45% in less than a fortnight.
And, in the same period, “Ethereum’s pain was even greater as it hit a low of around $100 which it has not been near for 18 months. ETH fell over 50% from monthly high to low and over the course of the whole month the loss was around 42% as it crashed from $200 to $115,” they pointed out.
Although, far from being doomed, analysts and experts all around the world still believe in this market and its strengths to overcome such tough landscape. A quick example of this can be found in the upcoming event hosted by Bloomberg and called Crypto Summit: Focus on 2019. As such, on Friday 7 in London, they will aspire to tackle the challenges and fears that go across the crypto spectrum.
For the organisation, the main problems remain in the high volatility of virtual currencies and the lack of a consistent global regulatory regime. These two, therefore, make up for mainstream banks and investors to keep themselves well away from them.
“10 years after the first cryptocurrencies emerged, the question of what the future holds for this unique asset class remains,” they introduced the current problematic, and continued, “Is crypto here to stay, but only appeal to short-term investors looking to get rich quick? Will any cryptocurrency become universally accepted? could one of these ever be used as the much-hyped single global currency? Bloomberg brings in subject-matter experts and leading industry players to discuss crypto’s future in 2019, and what needs to be done to pique mainstream investor interest in this global disruptive phenomenon,” they pursue to achieve in the event.
The main conferences will go around the following topics, featuring top experts:
- Temporary Fad or a Powerful Innovation: Taking Crypto into the Financial Mainstream by Marieke Flament, Global CMO & EMEA Managing Director; Ryan Radloff, CEO CoinShares or Jan Brzezek, CEO & Founder of Crypto Finance Group.
- Institutional Money in Crypto World by James Bevan, CIO & CCLA Investment Management or Yves Choueifaty, President & CIO of Tobam.
- The Value of Bitcoin: Introducing the First Cryptocurrency Asset Pricing Model by Emiliano Pagnotta, Assistant Professor of Finance at the Imperial College Business School
- Overcoming Volatility: Stable Coins by Lewis Fellas, CIO of Bletchley Park Asset Management and Pinar Emirdag, SVP and Head of Digital Product Development and Innovation of State Street Corporation
- New in Cryptoland: Security Tokens by Myles Milston, Founder & CEO of Globacap, Tom Pocock, Co-Founder & CEO of Creditmint and Andrew Peel, Head of Digital Asset Markets of Morgan Stanley
- Trading Crypto: Where’s the opportunity? by Aliya Itzkowitz, Head of Research at Enigma Securities and Michael Lie, Head of Crypto Trading at Flow Traders.
It has past ten years since the first cryptocurrencies started to emerge. It has been a exciting decade indeed, one that has seen Bitcoin going up to $18k in August 2017, the best record for crypto to date, to a roughly $4k we are seeing in December 2018, in the worst off month in years. Nonetheless, this volatility hasn’t stopped the crypto-market whatsoever, and it has flourished and multiplied both in tokens and total market capitalization. The conferences at the event will try to disclose what next year brings for the crypto-market, and there is optimism around it.
