Crypto News | Bitcoin Price Falls to 50-day Low

Whether it was caused by Reddit no longer accepting crypto payments, by taxes, or by crypto ads getting banned across multiple platforms, it doesn’t matter much now: multiple Bitcoin price indices show that Bitcoin is back below $7 thousand, at its lowest point since Feb 7. Although it may sound bad, other top cryptocurrencies have had it worse. At least the Bitcoin price (now at $6,860) is still significantly above its 2018 low ($5,947, on Feb. 6, according to CoinDesk). All of Bitcoin’s runner-ups, Ethereum, Ripple, and Bitcoin Cash, have hit their respective 2018 lows today, in what appears to be an unceremonious end to a pretty bad quarter for crypto. Although the slump is seen as a serious cause for concern by some, many are still hopeful, remembering Bitcoin’s 1400% rally last year.

Although crypto prices may be on the decline, blockchain adoption is gaining traction all over the world. Ford, the second-largest automaker in the US, has been issued a patent which will use “CMMP tokens” as an integral part of Ford’s new “Cooperatively Managed Merge and Pass (CMMP) system”. In other words, Ford will use cryptocurrencies for their smart car systems and communication between vehicles. 

It is precisely development like these that cryptocurrencies have a bright future, according to Forbes contributor Naeem Aslam. In his opinion, the current bear market is a good thing, since it will inevitably lead to only the best ICOs succeeding. Investors will only invest when very special projects appear – projects so special that nobody in their right mind would let the opportunity slide. 

The Telegram ICO is undoubtedly one such special project. In the second round of Telegram’s initial coin offering (ICO), the company raised $850 million. The ICO started on March 14 and attracted 94 investors. It will ultimately enable Telegram to create its own blockchain platform, the Telegram Open Network (TON). Although Telegram’s success is a positive sign, it hardly comes as a surprise, considering the fact that Telegram is favored by most ICOs as a mode of communication and a metric of success.

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Author: Max Rothstein

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