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Alternate cryptocurrencies / Tokens (Altcoins) / Re: [ANN][TOKEN]CoinMetro-Innovation Powered by Crypto. Backed by FXPIG. LIVE NOW
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on: November 24, 2018, 08:33:15 PM
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Check out CoinMetro CEO Kevin Murcko's thoughts on the current state of the market: Bitcoin: World's largest cryptocurrency takes a diveSo what is behind the crypto crash? Kevin Murcko, CEO of crypto exchange CoinMetro, told Euronews that Bitcoin's peak price was always destined to drop.
"All cryptos are nascent assets; speculation, rather than the usefulness of the technology or the underlying asset, is what’s mostly been driving price movement since its inception.
"Fuelled by media hype and the conviction amongst the public that crypto was a way to get-rich-quick, the asset class rocketed from almost nothing to over $800 billion at its peak. That price point, quite obviously, was unsustainable," he said.
He explained that we are now seeing the fallout of a bubble driven almost entirely by financial speculation, rather than the quality or usefulness of the underlying technology.
"Dumb money brought the crypto boom, and dumb money is to blame for the crypto crash. This sell-off was long overdue and is almost certainly not the conclusion to this bearish market," he added. What do you think? Come join the conversation on CoinMetro's Telegram Group!
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