It seems like the crypto community is not scared by the latest bitcoin sell-off, with major investor Tim Draper predicting transition to cryptocurrency in the near future.
While the crypto market is affected by the bearish trend, VC Fred Wilson insists that now it is a good time to purchase digital assets.
Analysts point of that the lack of correlation between traditional markets and the crypto market doesn’t necessarily mean that they are inversely related.
The Bloomberg report notes that institutional investors have already started chipping in the crypto market through OTC trades.
The latest ETH price drop is the result of a market-wide correction as all the top twenty altcoins lost nearly 5-10%, taking overall market cap below $200 billion.
Ethereum sank as much as 15 percent and Bitcoin fell almost 7 percent to a three-week low in a few hours. However, the decision made by Goldman Sachs is likely to be only temporary and may be revised in the near future.
The latest recession in the cryptocurrency market has caused a sharp fall in the valuations of several altcoins, many of which are on the verge to get extinct.
The cryptocurrency market attain a nine-month low since November 2017, as a huge sell-off is triggered in Bitcoin and other altcoins.
A draft bill on cryptocurrency regulations in India is expected by this month which will put more light into this matter.