Bitcoin lost over 60% from all time high
During the last year 2017, Bitcoin (BTC) has gained a tremendous value of over 1700%. From January’s peek at $1,166 per BTC to December’s peek $19,900 at its All Time High (ATH). This caught the eye’s of many investors, individuals, corporations and governments. Along with mainstream media talking about CryptoCurrency and BTC such as CNBC informing investors about CryptoCurrency. BTC starting January 2018 peeked at $15,465 dropping to its current low at $7500 at the time of this article.
Why has Bitcoin dropped?
There has been quite a bit of bad news regarding Bitcoin in the past couple months. From Governments Banning Bitcoin, ICOs, Trading Halts, Regulations and other well know people in the investments hierarchy that talk bad about bitcoin.
- South Korea’s FUD (Fear Uncertainty Doubt) CryptoCurrency Exchanges being banned.
Although, there is NO ban on CryptoCurrency trading according to the Finance Minister of Korea.
- China Banning ICOs, Mining and Trading. China Bans offshore and onshore CryptoCurrency exchanges, and ICO Websites to its Great Firewall.
- On Feb 6th (2days from now) US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (SEC) are to testify on CryptoCurrencies during the US Senate Hearing.
SEC Chief Jay Clayton and CFTC Chief J. Christopher Giancarlo set to appear as witnesses during the hearings at The Senate Committee on Banking, Housing, and Urban Affairs.
Both Clayton and Giancarlo support ICO and cryptocurrency “investment” regulation.
- JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. Said they’re halting purchases of Bitcoin and Other CryptoCurrency on their Credit Cards.
- Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.
A New Hope
Although, Bitcoin has a great long term benefit, Short term can be discouraging. Many crypto enthusiast are still bullish long term on what the outcome of BTC can be towards the end of the year.
Kay Van-Petersen, an analyst at Saxo Bank who was interview on CNBC quoted
Bitcoin could hit between $50,000 and $100,000 in 2018.
Ran Neuner, host of CNBC’s show Cryptotrader Claiming on his twitter
For the record, I am pinning this tweet. Bitcoin will finish 2018 at $50,000
Bitcoin’s utility is revolutionary, solving many problems in today’s financial world. Creating a new way of sending value over the internet and not relying on traditional financial tools such as banks (which is old technology and manipulated). Not only does Bitcoin help with peer to peer payments, it gives people the power to control their own finance at their fingertips without having intermediaries.
What’s holding Bitcoin back from Adoption?
Its really hard to tell whats going to happen. Although its Regulation that is creating uncertainty in the markets today that are holding back adoption.
— Joey Zervoulakos (@ZervoulakosJoey) February 1, 2018
What are Your thoughts on the current status of Bitcoin?
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