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After falling down for the past weeks like a stone, Bitcoin, made a bounce back in an upward way on Friday and early Saturday, gained close to 12% within 24 hours. Other cryptocurrencies like Ethereum also gained close to 12%, while Litecoin is even better gained close to 19%.
It's a BIG relief to cryptocurrency investors, especially to those who buy at the higher price than the recent levels, before China slams Initial Coin Offerings (ICO). But is the worst end? Will cryptocurrencies reach again $5000 without China?
Stelian Balta, Founder and Managing Partner of HyperChain Capital, says,
“If we look at Bitcoin or Ethereum from a technology perspective, the bad news is not entirely relevant. Miners will continue to mine and developers will continue to create great code and projects. Digital assets are a global phenomenon and the ecosystem is in its early days.”
Balta argues that cryptocurrencies will survive and thrive without China.
“I am very optimistic regarding the global digital assets market,”
He says.“Digital assets can be considered commodities trading on supply and demand. There is fixed supply and increasing demand. China is an important market and the recent news of exchanges shutting down and ICO funding being banned certainly has a short term negative effect on the prices.
However, digital assets are a global phenomenon. Huge Internet businesses like Facebook or Google are banned in China and are doing pretty well.”
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