Published On: Fri, Jul 6th, 2018

Bitcoin price LIVE: BTC to ‘rise’ as 90% of other cryptocurrencies ‘DIE or fail’ – expert | City & Business | Finance


Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $6,462 after falling $68 since the start of the day. Etheruem has slumped to $458, with Ripple falling to $0.47 from its $0.50 high this week.

Price comparison site, has released its July Cryptocurrency Predictions Survey suggesting that by the end of July we could see steady rises across the major coins. predict that bitcoin (BTC) will hit US$7,247 by 1 August 2018, an 18 percent price rise.

The expert panel are also slightly more optimistic than they were a month ago, claiming that bitcoin will end the year at $15,372.

Warning – cryptos will ‘DIE’

Evgeny Chereshnev, CEO and founder at Biolink.Tech has told that bitcoin’s future is as a means of payment, and not as a investment.

He said: “Cryptocurrency is just a set of numbers, in the same way as money is just a piece of paper until it’s accepted as payment. When these sets of numbers are accepted by someone as payment, it changes everything.”

Last week it was revealed that over 800 coins had been added to the dreaded ‘dead list’ of cryptocurrencies worth less than $0.01 and Mr Chereshnev claims that number could yet rise.

Sending out a huge warning to the family of altcoins that emerged during the crypto hype period at the end of 2017, Mr Chereshnev warned that, “at least 90 percent of all cryptocurrencies that exist right now are doomed to fail, die, or will basically be rejected, because the people who are primarily interested in them are money makers.

“It’s not fraud – I would avoid this term, but it’s basically a pyramid scheme in a way, because people invest to drive interest which, in turn, means others invest more money – and that drives the price. Inevitably, the demand plummets because there is no implementation.

“The price collapses and the cryptocurrency is dead.”

Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins

Updates below throughout the day….

10.11am – Is the BTC hype period OVER?

Not so, says David Sapper, COO at Blockbid.

He told “I believe that the hype has barely even begun. Only 1 percent of the global population owning any cryptocurrency and news of banks and financial institutions looking incorporate blockchain technology and invest in cryptocurrencies, I think there will be a more mainstream adoption in the coming 18-24 months.

“Bitcoin and cryptocurrencies as a whole have become sensitive to changes in the market and with the news of Facebook lifting the ban on cryptocurrency, some confidence has returned to the market which in-turn has seen price increases within Bitcoin.

“However, one thing that needs to change is the altcoin market’s dependence on the price of Bitcoin – altcoins suffer/improve based on bitcoin’s price changes and this is one aspect that needs to change for a healthy crypto market.”

On the stuttering arrival of big banks to the crypto space, he said that investors are beginning to look to cryptocurrency to expand and diversify their investment portfolios.

He said: “The cryptocurrency market is such a young industry and with the correct legislation and regulation, I believe cryptocurrencies will become part of our daily lives.

“The technology behind cryptocurrencies, blockchain, is being harnessed by numerous sectors and I wouldn’t be surprised if some companies create their own cryptocurrencies for internal use.

“As the technology improves, there will be more interest in virtual currencies and we will certainly see a wider adoption of these in the future.

11.09am – Will ETH or XRP stand the test of time?

Plutus founders Jasper Tay and Danial Daychopan told that “many of the companies within the crypto space will not be here in a year’s time.”

Mr Tay said: “It is hard to say which digital currencies will stand the test of time.

“Coins with utility value that have a use case will be mostly to stick around. Currently with market saturation I predict that many of the companies within the crypto space will not be here in a year’s time, leaving the strong to thrive in a more regulated environment.

“Ethereum is a strong cryptocurrency as its contracts can be written on any blockchain and it has unlimited processing capability”

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