The cryptocurrency market witnessed a tumultuous first half of March as prices crumbled and immediate support broke down. The market crash was so massive that some cryptocurrencies like Link even lost more than 99 percent of its value.
In a series of tweets, Scott Melker, a popular cryptocurrency advisor attacked the space by calling it immature. He believed that the market witnessed such a downfall because of the sheer ignorance of some projects in the space.
Mr. Melker claimed that last week’s crash was just the start as the industry needed to realize a lot more factors. According to him, the real fallout in the digital asset world had not yet started. If his words are to believed then exchanges and products were likely to disappear soon.
One of his tweets read:
“Bitcoin will be fine. Crypto as an industry is somewhat screwed for the foreseeable future in my mind. I’m not talking about the price of coins. People will continue to pump and dump them. Trading is fine. The core premise of crypto is damaged.”
While the analyst claimed that Bitcoin was fine, the world’s largest cryptocurrency was facing its own troubles. At the time of writing, Bitcoin was trading for 4644 with a total market cap of $84.8 billion. The cryptocurrency market was not the only industry hit as markets like the Dow Jones and Nasdaq also dipped.
Scott Melker reiterated that blockchain technology was the way to go for the future, as evidenced by several countries utilizing the technology. China has been at the forefront of this development with Red Dragon filing more than 80 blockchain patents recently. Blockchain technology has taken such a strong stance in China that it is even being used to solve Coronavirus related issues.
China-based Alipay is using blockchain technology to share epidemic related materials over the mobile applications. This was done to prevent the spread of misinformation and to keep China’s citizens healthy. The platform makes use of the Ant blockchain and is spearheaded by the Health Commission and the Committee of Economic and Information Technology of Zhejiang Province.
