U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin (BTC) to Be Fine, Fallout Not Even Begun: Trader Scott Melker

Sun, 03/15/2020 - 14:05
Vladislav Sopov
Average crypto holders may not be those affected worst by the ongoing market crash. Seasoned trader and advisor Scott Melker explains what it means for the whole sector
Cover image via www.asktraders.com
Put your crypto to work
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!

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.

Bitcoin (BTC) Price Bottom Might Be Already In. Trader Explains Why

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.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Recommended articles
Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Bitcoin (BTC) and Gold (XAU) Benefit Amid Plenty of Fear and Blood: Dan Tapiero
Bitcoin (BTC) Dominance May Reach 90% During Crisis. Will Price Follow?
XRP Price to Reverse After Reaching $0.20: Trader Explains Why