Rockwell Trading Expert Markus Heitkoetter Speculates If This Is The End Of Cryptocurrencies

January 16, 2018 saw Bitcoin crash massively by 25%. Not being able to sustain the massive gains it had at the end of 2017, Bitcoin was hovering around $12,500 to $15,000 in early January before it finally crashed to $9,000 levels that same month.

As news of the crash went viral, the scenario was that of panic. Cryptocurrency exchanges were inundated with users desperately trying to sell their coins in the hopes of salvaging whatever gains they had. This led to a transaction backlog, within said exchanges, and added more fuel to flames. Even the servers of Coinbase, one of the biggest cryptocurrency exchanges in the world, wasn't able to handle the volume of transactions that day.

"The sell-off comes amid concerns of fresh crackdowns on virtual currencies by the South Korean and Chinese government and as governments across the globe are struggling at how best to regulate bitcoin," said City Index analyst Fiona Cincotta, as posted on uk.businessinsider.com.

With the ever growing concern from world governments over the use of Bitcoin, and other cryptocurrencies, as a way to launder money, many pundits saw the crash as not a matter of “if” but “when”.

Markus Heitkoetter had this to say when asked to comment about the cryptocurrency crash: “I dont trade or hold cryptocurrencies, but I do feel sorry for the people trying to pull out of the crypto market now. Aside from the high number of transactions, and the time it takes for the blockchain system to verify a transaction, they just couldn't get out. I just hope that it doesn't dip any lower so that at least, they can save whatever profits they have left.”

When asked why he doesn't invest in cryptocurrency, he said: “I’m a trader. I deal with fundamentals, not speculations. The rise and fall of cryptocurrencies is based on the speculation that it will do this and that. No, that’s not how I do things. I’d rather stick with stocks, options, futures - something that I can get hard data from. Something where I can accurately plot what trading strategy to use. Something that is safe.”

As of writing this, Bitcoin is currently hovering at the $11,000 level.

For now all people can do is speculate if the “King of Cryptocurrencies” will once again “go to the Moon.” As more governments push to regulate cryptocurrencies, people will have to wait and see whether cryptos can retain their influence in the global markets, or fade away to memory.

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