Bitcoin $30K Resilience Amid Crypto Meltdown and Stablecoin Crash Shows its Brilliant Architecture – PayBito CEO

Despite Bitcoin’s slashed valuation in the past few months, the leading cryptocurrency has steadily held the $30,000 level because of its unique decentralized proof-of-work (PoW) mechanism, according to Raj Chowdhury, the CEO of crypto trading platform PayBito. (43).jpg

Chowdhury pointed out that:

“Despite its apparent flaws, Bitcoin’s architecture makes it a modern-day marvel immune to global financial policies. The benefits far outweigh the cons, evident from its increasing acceptance across multiple nations and global organizations.”

Bitcoin has been hovering around the psychological level of $30K for a couple of months in the face of the algorithmic UST stablecoin crash, which saw nearly $60 billion wiped off the crypto market. 


Moreover, the crypto meltdown was sparked by the recent interest rate hike by the Federal Reserve (Fed), which triggered a risk-off approach. 


Nevertheless, BTC remains steadfast around the $30K zone, given that its price was at $30,428 during intraday trading, according to CoinMarketCap.


Chowdhury believes that Bitcoin’s volatility should be addressed, but the bigger picture of financial inclusion remains intact.


He noted:

“The age of digital assets has already arrived. There are some challenges that need resolution, such as Bitcoin’s volatility and energy-intensive mechanism. But, the scope of process optimization through the elimination of intermediaries, promoting financial inclusion across regions with poor banking infrastructure, enhanced security and transparency will eventually lead to its success as an effective alternative of the USD hegemony.”

Market insight provider On-Chain College recently stated that the accumulation phase in the Bitcoin market might be back as large entities were on a buying spree. Similar sentiments were echoed by CryptoQuant CEO Ki Young Ju.

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Security Should be at the Heart of Crypto Ventures, HashCash CEO Says

The skyrocketing number of digital asset services shows increased crypto awareness and adoption, which necessitates heightened security features, according to HashCash Consultants CEO Raj Chowdhury. 

With a notable portion of the global population gearing up to cryptocurrencies as an alternative payment ecosystem, Chowdhury believes security feature updates are prudent to safeguard crypto wallet owners from external hackers.

He noted:

“The growth in global crypto adoption is an indicator of the people’s dissolution with conventional finance systems. The volatile crypto markets attract traders seeking huge returns, while increased security integrations protect the wallet-stored assets from cybercriminals.”

According to a recent report by blockchain analytic firm Chainalysis, North Korean hacks on crypto platforms increased seven times after digital assets worth nearly $400 million were looted.

Chainalysis added that individual crypto hacks emerged because of malware available on the darknet.

Therefore, with global crypto wallet owners topping 300 million in 2021, Chowdhury believes boosting security has become more pressing. 

Per the report:

“Trends of crypto theft have increased as cybercriminals continue targeting unsuspecting users as well as platforms with low security. Selecting a trustworthy platform is crucial along with adhering to wallet safety protocols.”

Meanwhile, the Hong Kong government is eyeing establishing a regulatory system for the virtual asset industry, as recently disclosed by Hui Ching-yu, the Secretary for Financial Services and the Treasury. 

Regulation continues to be a hot issue in the crypto space because relevant authorities have shown interest in developing systemic and operational frameworks intended to tackle risks like money laundering and scams.

Three European Union regulators recently warned investors within the bloc of potential losses accustomed to the volatile digital currency ecosystem.

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Bitcoin (BTC) $ 37,730.11 0.37%
Ethereum (ETH) $ 2,051.42 1.01%
Litecoin (LTC) $ 69.43 0.86%
Bitcoin Cash (BCH) $ 221.52 0.79%