The digital currency market was shaken today following reports of a clampdown on Upbit, Korea’s largest token largest cryptocurrency exchange. The raid occurred in the platform’s headquarters. These reports come only one day after about 8200 BTC were transferred from the Gox cold wallets. In all scenarios this week the state of things in cryptocurrency markets doesn’t look good for investors, with Bitcoin trading around 8600 USD as at press time. The cryptocurrency was down by 780 USD from about 9380 USD yesterday.
However, when you consider the influx of money, and institutional business, into the crypto space, it is safe to say that the future is bright for virtual currencies. The recent trade news doesn’t shake many veteran crypto experts. Many of these experts have had their say regarding Bitcoin.
Hedge Fund CEO, Eric Kovalak, who also serves as the Managing Partner of Vellum Capital, said:
“We follow the scale between long-term buyers and holders with crypto speculators. Q1 brought nervousness to new traders who make up a large chunk of the crypto market. We believe investors currently holding will be rewarded. We are glad to see that prices are moving with volatility hence an indication of a market that is creating a strong foundation. As conservative investors, we continue to support potential investments in the digital currency world.”
Kovalak’s Prediction for Bitcoin
“Digital assets are a young asset class making it difficult to predict a specific seasonality regarding summer markets. However, it is wise to say that the recent price movement has tested the lows efficiently and is helping to build a sturdy base for higher prices. We see Bitcoin price heading above the 12,500 USD mark by the end of July.
“We believe that midsummer cryptocurrency markets will keep capturing public interest and buyers will enter the digital currency market more quickly after each successive round of trade. We expect to see BTC over 10,000 USD by the July end or potentially much higher.“