Bitcoin [BTC] is moderately oversold while Ethereum [ETH] is significantly oversold, says Circle CEO
The cryptocurrency market has been severely affected by the persistent bear attacks, with several coins seeing a marked downtrend. The price fall has not stopped a lot of popular officials in the space from coming out in support of the market as evidenced by a recent interview given by Circle’s CEO.
Jeremy Allaire, the Chief Executive Officer of Circle, recently spoke to CNBC about the current bear predicament and what the future holds in store for Bitcoin [BTC] and Ethereum [ETH]. The Circle executive stated that analysts look at the actual usage of platforms and the hundreds of digital assets present right now only contribute to making the market bigger. He added that the core usage and value of a cryptocurrency are correlated and that is clearly shown by Bitcoin and Ethereum. In his words:
“Bitcoin and Ethereum have both decoupled due to overselling. Bitcoin has been moderately oversold while Ethereum is significantly oversold.”
Allaire also opined on the cost of Bitcoin mining and said that the difficult rate adjusts every 10-14 days, a period when the hash rates start going down. The CEO then focused on the regulations surrounding the cryptocurrency market and claimed that the United States is far ahead of other countries in terms of clarity on regulatory data. According to him:
“Circle and Coinbase have gained clear regulatory clarity over the past five years and we have discovered what is missing in the market. There is a collection of commodity markets and digital security markets in the space right now. There has to be a clear distinction between the two with clarity and guidance.”
Jeremy Allaire elucidated on how Circle has been in touch with Congressmen and policymakers with the aim of pushing cryptocurrencies into the realm of mainstream usage. He believed that Bitcoin will be much more valuable than what it is right now because of its characteristics. Bitcoin is unique in security, scale and the idea of having a sovereign store of value is something that the people want, stated Allaire. He said:
“The market does not have a winner take all scenario. In the future, there will be millions of tokens where the concept of a cryptographic token will be widely accepted. Bitcoin will come out of its slum and be valued at a much greater price than what it is right now.”
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