Cryptocurrency values have been flat recently, yet movement on the regulatory front has given hope to many observers. One crypto startup executive trusts bitcoin’s price could hit $60,000 this year, notwithstanding its decline from a close $20,000 peak in December to the $6,000 level.
Julian Hosp, co-founder and president of TenX, a crypto wallet, noted during the RISE tech conference in Hong Kong that he hopes to see bitcoin’s price drop to $5,000 when it peaked its December highs and he is still confident that a $60,000 price this year is possible.
Hosp recognized that a major positive turnaround is necessary to reach the $60,000 price this year. Such a turnaround could be a country making a positive announcement regarding bitcoin or bitcoin exchange-traded fund coming to execution.
According to Hosp, it will take longer for bitcoin to hit $60,000. He noted that the price will require to go above the $10,000 mark by August.
Even though several crypto observers see the regulatory activity as positive, a regulatory check has resulted to a drop in cryptocurrency price. Several observers were pleased when the U.S. Securities Exchange Commission began this month that Ether and bitcoin are not securities.
Joseph Lubin, an Ethereum co-founder and founder of the ConsenSys blockchain software company, noted Ethereum creators are absorbed on creating infrastructure and that the community is not worried about the price.
Ether’s price went through a significant drop on July 10, losing more than 10 percent of its value against the U.S. dollar.
According to Lubin, any price movement is positive for Ethereum since it gives attention to the Ethereum space from technologists and entrepreneurs, all of which boosts its value.