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Cryptocurrencies prices take a hit and this could benefit buyers, says deVere Group CEO – Irish Tech News

Volatility is back in the cryptocurrency market after a relatively long absence – and investors will use it as a major buying opportunity, says the CEO of one of the world’s largest independent financial advisory organisations.

The cmessage from deVere Group’s founder and chief executive, Nigel Green, comes as leading cryptocurrencies Bitcoin and Ethereum (ETH) were in the red on Monday.

Bitcoin, the largest digital currency by market cap, has fallen in price by $1,400 in 12 days, going below the $5,000 threshold for the first time since October 2017. The bearish sentiment is echoed in a broader decline in the overall crypto market capitalisation over the last few days.

Mr Green observes: “Just a few weeks ago crypto traders were airing concerns about the lack of volatility in the crypto market.

“Now volatility is back and many savvy investors will be using this as a major buying opportunity, perhaps the last one of 2018.

“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalising on the lower prices in order to build their portfolios and shore-up their positions.”

He continues: “There are three main drivers for the current bout of volatility.

“First, is the uncertainty surrounding the Bitcoin Cash hard fork.”

Last week, a new version of Bitcoin Cash was launched, which was itself a ‘fork’ from the original Bitcoin blockchain. Bitcoin Cash is now known as Bitcoin ABC and the new fork is called Bitcoin SV.

These forks generate turbulence in the market because investors have to choose which version they will support. While it looks like a buyers’ market, investors still need to do their research before buying.

“Second is the recent scrutiny of the SEC, the U.S. financial regulator. However, I have long supported and called for regulation of the crypto sector. Indeed, regulation of the digital currencies is now, I believe, inevitable and will in the longer term give investors even more protection, driving confidence and prices in the burgeoning market.

“And third is the infamous ‘herd mentality’ of some investors. Simply, some of the cryptocurrencies are lower because they went lower.

“Prices might fall further over the next few days, but we can expect a long-term upward trajectory for the crypto sector.”

The deVere CEO concludes: “Crypto cynics are using this current wave of volatility to knock digital currencies. Whether it is Bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay.

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