By the end of next year, the price of BTC is at a record high: despite a 51% attack risk rising due to the crypto crash, Quoinex president Kashiwaru Karima (Kariya?) remains bullish with a strong forecast!
CEO Karl Kobayashi of cryptocurrency exchange Quoinex (now Liquid by Coin) Kobayashi Kaoriyain an interviewwith Bloomberg TVanswered
“The bottom of the current BTC bear market is near.”
“By the end of next year, Bitcoin (BTC) will reach a new all-time high.”
Thisbullish forecastwas spoken.
BTC Price Forecast by the CEO and Its Reason
Quoinex (now Liquid by Coin) CEO Kaoriya Kashimori, in an interview with Bloomberg TV, outlined two reasons for the forecast that the “bearish market for cryptocurrencies is near.”A bear market bottom is near.
- Mining operators are going out of business
- Japan’s cryptocurrency regulations are beginning to take shape
Mining Operators Going Out of Business in Large Numbers
CEO Kashimori analyzed that the large number of mining operators going bankrupt is a positive factor for the cryptocurrency market.
The BTC crash that began with the BCH split, and the subsequent overall bear market in cryptocurrencies, continues, with many BTC miners operating at a loss (below break-even). In BTC mining, many firms are being pushed out of business.
As a result, many mining-focused operators are going bankrupt.
According to a price level list disclosed by Chinese mining pool giant F2Pool’s CEO Mao, the break-even point for BTC mining ranges from $3,891 to $11,581 (subject to mining hardware performance).
However, the successive bankruptcies of mining operators increase the risk of a 51% attack.
A 51% attack is when a malicious group or individual controls more than 51% of the network’s total mining power (hash rate) and conducts fraudulent transactions.
Holding 51% of the total network hash rate enables price manipulation.
However, securing more than 50% of the total network hash rate is extremely costly, and practically makes carrying out a 51% attack difficult.
On December 3, the “BTC Mining Difficulty” updated every two weeks was published, revealing a surprising result: mining difficulty recorded the second-largest drop in history.
#Bitcoinjust had its second largest drop in mining difficulty in history: -15.1%. This is the current ranking:
2011-nov-01: -18.0%
2018-dec-03: -15.1%
2011-oct-16: -13.1%
2012-dec-27: -11.6%
2011-mar-26: -9,5%
2013-jan-26: -8.6%
2011-dec-01: -8.5%
2012-may-25: -9.2%
Mining difficulty, as the name suggests, indicates the difficulty of mining BTC.
In other words, as mining difficulty decreases, mining becomes easier, increasing the risk of a “51% attack.”
Additionally, the following developments could centralize mining power and increase the risk of a “51% attack.”
- Multiple mining operators going out of business
- Consolidation among various mining operators
- Mining power concentrating in one place
Japan’s cryptocurrency framework begins to take shape
Furthermore, CEO Kashimori predicts that as Japan’s cryptocurrency framework takes shape, the cryptocurrency market will recover.
According to Kashimori, most exchanges that received “business improvement orders” during 2017–2018 have nearly completed improvements, and will be able to start anew next year.
Also, with most exchanges having completed improvements, it is forecast that from next year the Financial Services Agency will begin approving new crypto exchanges and coin listings.
CEO Kashimori: Japan Finds a Way Forward with STOs!?
Finally, CEO Kashimori says .......Continue here ⇩
