2020 is not anticipated to slow down the crypto markets. Many significant developments useful in the maturity of these new assets are expected to occur. Besides, it’s expected that crypto could become the future of finance as a core feature.
With the ongoing trends in the crypto market and according to the statement of Alex Lindenmeyer, the cryptocurrency co-founder, and tax software company accountant around five of the notable crypto events, that may shape the industry. The list given is also based on the development and trends of the digital markets through 2020.
An Insight into Cryptocurrency Trends Expect to Affect the Market.
1. The Halving
Bitcoin halving is among the real events that will take place in 2020. The May event is intended to cut down bitcoin’s rewarded to people who successfully mine blocks in a digital ledger. The halves will be from 12.5 and reduced to 6.25. Although such actions sound dramatic, it’s not the first time it has happened. In the two times, halving was done, exciting price actions were experienced. The first halving experienced a mammoth shoot from $10 to $100 in 2012. Besides, by the end of the year of the second halving of 2016, the currency surged two-fold of the existing $400.
2. Enter Libra
Libra backed stablecoin, although it won’t be available until 2020 summer after clearing all regulatory hurdles. The backing was announced through Facebook. Anyway, the stablecoin continues to get support from various stakeholders like Uber, Kushner family, Coinbase, and Vodafone. Nevertheless, the uncertainty of whether the stablecoin will clear the hurdles has prompted interested parties such as eBay, PayPal, and Mastercard to get out of the cryptocurrency market.
3. Feds Step In
Scrutiny by the government is something missing. in 2019, it has been revealed by growing awareness on federal agencies that crypto market and tech, in general, have begun to be fewer components of society. The report released by the Federal Reserve shows that the US central bank is recently mulling over digital analogue for the greenback.
4. Market Consolidates
Chaos could be experienced in cryptocurrency food chains. In spite of flattening in the year 2018 when bitcoin price fell, the cryptocurrencies market rose to more than anticipated case in the year 2019. The 2300 figure of upsurge is according to CoinMarketCap.
5. Fintech and Crypto Hook Up
The all-encompassing themes of various trends expected are for cryptocurrencies growing up. Hence, it becomes a mainstream, and finally finds actual usage case, instead of a hypothetical one. The introduction of libra is expected to have an immediate effect, and the situation where cryptocurrencies will become valuable sooner rather than later.
