In recent weeks, cryptocurrencies have experienced a large correction. Total market capitalization fell by about $100 billion, while the price of Bitcoin dipped to $5,800 at one point. Cryptocurrencies went through a similar trend in 2014, but with more positive signals this time around.
Despite the downturn, Bitcoin is showing signs of bottoming out. Charles Hoskinson, co-founder and former CEO of Ethereum, is optimistic as he thinks Wall Street will bring trillions to the cryptocurrency market.1. Moreover, EY and Microsoft recently announced the launch of a blockchain platform2. Given these signals, could this mean that this correction will lead cryptocurrencies to rise again?
Performance MVIS CryptoCompare Bitcoin Index versus
MVIS CryptoCompare Digital Assets 100 Index
Source: MV Index Solutions
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