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TThe cryptocurrency market suffered another drop in shock on Tuesday, as the overall market rating plummeted by almost 30% in the previous seven days, reaching $ 155 billion. But Michael Ou, founder and CEO of CoolBitX, a developer of paper-sized hardware wallets, believes the market will increase again, particularly once several countries affected by anti-money laundering laws take measures that could help restore investor confidence .
"I'm 100% sure in saying that once the cryptography market is AML [anti-money laundering] report, we can soon see the next highest level, "says Ou Reverse. "It will take six months to probably a year for some pioneering countries to actually implement the new AML requirements."
Ou sees legislation as the key to an inversion. Bitcoin and similar cryptocurrencies keep track of all transactions on the public blockchain. It is more difficult to identify, however, who is behind every address. While governments can legislate to demand trade to track movements within and outside the legal currency, it is more difficult to do the same for crypto-a-crypto. Anonymity led to the accusation that Tether was used to manipulate the price of bitcoins.
"I withdraw the encryption, I say from Coinbase, and I can transfer my bitcoin from my wallet to any other wallet I like," Ou says. "With current practices, they can tell where those coins go and which addresses they turn, but the fact is that this track does not really tell the authorities who the real holders of those addresses are."
A cryptocurrency market with a more government-friendly approach, able to track who is behind every coin transaction, could encourage more investment. Ou is working with a number of companies on this subject, as well as regulators in Japan, Korea, Taiwan and the European Union. For this reason, it is certain that the market will change "maybe a year to the longest".
It is a small glimmer of light that many supporters see as a potential truce from an otherwise brutal bear market. Bitcoin, the largest cryptocurrency with 53.2 percent of the market, fell to only $ 4.70 per currency, 25 percent less than its $ 6.370 price seven days earlier. Bitcoin losses, 78% less than the mid-December peak of nearly $ 20,000, make it its third biggest decline in history:
About 12 months ago, American bitcoin buyers shared accounts of their earnings around the Thanksgiving table. This was reflected in the hot titles of that period:
Then again, to put the recent collapse in a broader context, the bitcoin investors who bought until September 2017 – a point where bitcoin prices fell below $ 3000 in response to a the initial currency that offered a crackdown in China – it would still be able to get closer to doubling their money if they held back all this time. It remains to be seen if the bitcoin can rise to the same heights in the last year.
The author of this story has an interest in bitcoin and Ethereum.
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