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) 00.
“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 00 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.
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