BTC Becomes More Stable in 2018, States SFOX CEO
BTC and other crypto have dropped since the start of this year. However, SFOX state that the market has been showing more stability since Wall Street Corps started investing.
The prices have been swinging, making investors skeptical. BTC at the moment stands at $7235.81. During the final week of last year, there were swings of over 10% daily. In addition, the price comparison between tokens varied by over 4.5% between exchanges.
The state of crypto a year prior encouraged seasonal investors to enter the market, but was very risky for potential long-term investments as the numbers were not showing any form of stability.
Business Insider interviewed Danny Kim, the chief of growth at SFOX,who said that as of now, the numbers are showing better indications. The most important change this year is the stable prices between different exchanges; the prices now vary less than 0.1% between platforms which encouraged firms, banks, and even institutions to take part in the market.
Danny Kim also added that because there is a set infrastructure for crypto now, exchanges have more freedom in controlling the price fluctuations. This compelled Goldman Sachs, ICE, and other big names in the market to join the cryptocurrency ecosystem.
Meanwhile, various governments are trying to regulate cryptocurrency. The regulations regarding cryptocurrency are indeed slowing down the market, but are still necessary. Just like some honest cryptocurrency firms are trying to have their way, there is still a lot of people who are misusing cryptocurrency for scam-oriented schemes.
However, Japan's Mitsubishi UFJ Financial Group started the MUFG token that will help Japanese consumers pay for their day-to-day goods using cryptocurrency.
Danny Kim finally states that the future of cryptocurrency will be decided upon the reliability of the ecosystem. He assures us that SFOX will deal with short-term fluctuations. He then adds that the BTC can be a stable coin, realizing Satoshi’s main vision of the digital currency.