While Bitcoin may have hit a recent low of $6,000 over the weekend, cryptocurrency analyst and expert Claire Wells says the alt currency is set to witness an economic resurgence in the coming few weeks.
Ms Wells, who serves as the Director of Legal and Business Affairs for mobile payment company Circle mentioned that BTC holders can expect to see an upturn in the digital currency’s fortunes very soon– given that no regulatory changes are introduced into the market in the near future.
During an interview with a reputable media outlet, Wells said that
“We are seeing slightly less volatility at the moment. Prices are down and trading is down but I think the price will increase again over the next few months and I think a lot of people are waiting to hear how regulation is thinking about it.”
After its value stooped to $6,030 at 15:00 pm (PST), BTC currently stands at $6,080.
It is being reported that fintech provider Circle is looking to create a digital version of the US dollar, so as to help reduce market volatility that currently engulfs the crypto space. According to Ms Wells, her company will be launching a new cryptocurrency that will be pegged to the dollar and will require customers to hold $1 for every USD coin in an effort to keep prices stable.
She also added that:
“I wouldn’t necessarily want to put a price tag on or a currency frontrunner but I do think we will see an increase in value and, I mean, that’s inevitable.”
With Bitcoin prices currently hovering around the $6K mark, many mainstream media outlets are already signalling the ‘death of crypto’. However, if anything, it seems as though the crypto market is once again being revitalized, especially since VC firms such as Andreessen Horowitz announced recently that they are making significant investments within this space.