In today’s news, the bear market appears to have taken a toll on bitcoin miners as crypto may struggle to break out of the current negative trend in days ahead. Crypto participants expressed hesitation for a bitcoin ETF, and PayPal also launched blockchain incorporation.
Here are the details:
Bear Market Weighs On Bitcoin Miners
The current crypto bear market has been difficult for virtually everyone. Traders and investors are often the first to come to mind. However, bitcoin miners have also taken significant damage.
Bitmain is a household name in the crypto mining space. However, Bitmain’s development center recently had to eliminate 23 staff members due to regulation and bear market struggles.
Other mining companies facing hard times, for various individual reasons, include Canaan and Ebang International Holdings.
When Will The Crypto Bear Market End?
Many current speculations exist regarding when the crypto bear market will finally end, and what price low bitcoin will ultimately hit.
Venture Capitalist Albert Wegner wrote a recent article about the current situation. He explained this crypto bear market may be different from previous ones, due to the vast publicity and added capital this time around.
Market moves will likely stem from big players going forward. Wegner states big players are unlikely to jump into the market right now. This is because they would face negative price perceptions, but also negative public perceptions (meaning the public obviously sees crypto as dying, so going against that perception is against the odds).
Not Everyone Wants A Bitcoin ETF
This year the crypto market has been flooded with ETF optimism and talk. Although according to a CoinDesk report today, some cryptocurrency members are hesitant about the idea.
One main argument for bitcoin ETF positivity is that it would bring significant money into the space. However, crypto OGs (early crypto participants) see the new product as mostly insignificant at best.
Alex Bosworth, developer for Lightning Labs, even indicated an ETF could be harmful. Bosworth recently spoke with CoinDesk on the subject, explaining that an ETF could lead to collusion (institutional crypto manipulation).
Panic Mode? What A Wall Street Chart Tells Us About Bitcoin’s Price
The “Wall Street Cheat Sheet” has been floating around the crypto space for a while now. The chart shows the psychology behind a market cycle. From “Euphoria”, all the way down to “depression”.
“Euphoria” was seen in bitcoin’s space mission toward $20,000. A recent CoinDesk article made a case that bitcoin currently sits in the “panic” stage, with a break below $3,000 starting the “capitulation” phase, as well as other stages to follow.
PayPal Launches Blockchain-Based Innovation Reward System For Employees
PayPal appears to one of the latest mainstream giants to jump on the blockchain bandwagon with news last Thursday.
The payment entity reportedly started up operations for its blockchain incorporation last month.
“Employees using the program are granted tokens for participating in innovation-related programs and contributing ideas,” CoinTelegraph reported today.
Members of the program can only spend said tokens on PayPal, and are able to swap them with other program members.