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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick

ICOs ‘In a Lot of Trouble’ if Bitcoin Stays Under $10K, Says BitPay Exec

Wilma Woo
by Wilma Woo
6 years ago
·
Posted in News, Altcoin News, Altcoins, Bitcoin, Bitcoin Businesses, Bitcoin Price, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Controversial cryptocurrency payment provider BitPay appeared to back Bitcoin over altcoins this week as its CCO told mainstream media the ICO token market was “in a lot of trouble.”


Singh: Market Bottom ‘Hard’ To Call

Speaking to Bloomberg in an interview that also featured regular commentator Joe Weisenthal, Sonny Singh focused heavily on Bitcoin as the cryptoasset, which had a chance of upside while remaining silent on major altcoins such as Ether (ETH) [coin_price coin=ethereum].

“It’s hard to say [if this is the bottom],” he said about the current state of the market.

Right now the market is looking for some defining moment a catalyst. Right now you’re just seeing rumors that someone might do something… but I think next year you’re going to see big entrants become real.

Bitcoin [coin_price] is in the spotlight for investors again this week after reports several major Wall Street firms had plans to enter the market.

Citigroup and Morgan Stanley insiders have hinted at non-custodial trading options that are coming for clients, while Goldman Sachs executives dispelled rumors they had dropped plans for their own options.

Bitcoin had outperformed major altcoins through last week until Ethereum staged a rapid U-turn in its fortunes Thursday after falling to its lowest levels in 15 months.

ICOs Could ‘Never Come Back’ From Earlier Highs

BitPay had sparked criticism this year after the company provided support to altcoin Bitcoin Cash while failing to provide SegWit compatibility – a feature which would significantly reduce fees for merchants using its payment solution.

Those decisions have made BitPay the subject of a backlash from cryptocurrency circles, with open source competitor BTCPay’s CEO publicly pledging to make it “obsolete” as a result.

For Singh, meanwhile, there was little cause to put faith in altcoins – specifically ICO tokens – until Bitcoin had itself rallied.

“Now when you’re seeing the Bitcoin price drop, ICOs are no longer in favor anyway… until Bitcoin get up to $10,000 and get back some of the gains, the ICO market’s going to be in a lot of trouble,” he forecast.

A lot of ICOs will never make it back to where they were eight months ago.

This week, investment mogul Mike Novogratz identified Bloomberg’s crypto markets index having “bottomed” on September 12.

What do you think about Sonny Singh’s comments? Let us know in the comments below!


Images courtesy of Shutterstock, fintechsv.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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