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Despite the huge losses cryptocurrency owners have beared, for the industry as a whole, the recent carnage has resulted only in a loss of trust in DeFi and strengthened criticism of crypto derivatives platforms. Trader and analyst Scott Melker believes that the current state is far from its worst.
Massive dysfunction exposed
According to Mr. Melker, we need to brace ourselves for the vanishing of crypto exchanges and blockchain services very soon. This could be a consequence of the overall immaturity of the crypto sector.
This process could be cathartic for the blockchain industry, which will weed out weak and useless products. Meanwhile, other companies will benefit from the tough times. Mr. Melker is sure that:
Blockchain is the future. The few great companies and projects should and will rise to the top.
Bitcoin (BTC) will be fine
Cryptocurrency prices, first and foremost - the price of the orange coin - is what the global community is worried about right now. Many analysts are trying to figure out whether the bottom is in.
Mr. Melker is sure that it's too early for detailed price predictions. According to him, we're in an area of huge volatility as 'people will continue to pump and dump them'.
Nevertheless, he has no doubts about the future of the flagship blockchain: 'Bitcoin will be fine'.
At print time, Bitcoin (BTC) is trading at $5,555 on Binance, having won back almost 50% of Thursday's losses.