Meltem Demirors Of CoinShares Talks Bitcoin Plunge Being Just A Blip And Financial Crisis Happening
Meltem Demirors –Bitcoin Plunge Is Just A Blip
In an interview with the CNBC’s Fast Money Segment show, Meltem Demirors, the CSO of CoinShares, said that the sudden plunge in the value of digital currencies resulted from the withdrawal of funding by institutional investors.
According to Meltem, volatility was guaranteed, especially given that the Bitcoin Cash hard fork is impending. She added that this risk was the reason behind the withdrawal of institutions from the crypto market. This week, a majority of digital currencies have plummeted, with Bitcoin’s value against the dollar dropping by 12%.
The future, however, is likely to improve. Meltem is confident that impending changes will have a positive impact on the cryptocurrency market. In this regard, she mentioned the Bakkt Platform and a crypto storage solution by Fidelity Investments.
Regarding altcoins, Demirors stated that reduced trading activity translates into insufficient liquidity. To this end, she predicted that the next move for such projects is the consolidation of assets. In the worst case, some of these coins will become entirely valueless. Indeed, the fluctuations in the crypto markets have resulted in a constant switch of positions between Ripple's XRP and Ethereum's ETH, both of which are battling to be the second largest cryptocurrency by market capitalization.