On June 23, the cryptocurrency market demonstrated another minor short-term correction, as $13 billion were wiped out of major digital assets such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS.
EOS recorded the largest loss against the US dollar amongst major cryptocurrencies, dropping by more than 11 percent overnight. Bitcoin, Ethereum, and Ripple recorded a five percent loss but have recovered slightly since.
Stable Period Needed For Bitcoin to Recover
Over the past two months, Bitcoin had certain periods of strong momentum on the upside, supported by optimism from the market and positive developments by the institutional side of the industry.
In collaboration with large-scale hedge funds, Coinbase, the world’s largest cryptocurrency exchange, platform, and brokerage have started to build a suite of institutional cryptocurrency products and trusted custodianship for institutional investors, leading Ethereum creator Charles Hoskinson to express his long-term enthusiasm towards the cryptocurrency market.
“What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright,” Ethereum co-creator, Cardano founder, and IOHK CEO Hoskinson said.
Still, in spite of optimism from the market and large-scale investors, the cryptocurrency market has continued to perform poorly, struggling to build momentum and sustain stability.
Nick Szabo, the prominent Bitcoin developer and smart contracts developer, stated that the Bitcoin price will continue to decline until it stabilizes and uncertainties in Bitcoin are fully eliminated. Szabo stated:
