hey friends as we know that.
There is no denying that the last few months since December 2017 have been a bumpy ride for the King of Crypto: Bitcoin (BTC). Mid-December found BTC reaching for the sky at levels of $20,000. A little over six months later, on June 29th, the same BTC was valued at $5,800. This was a significant drop in value of 71%. Some have called it a massive correction, while others have speculated manipulation due to Bitcoin futures contracts.
THERE ARE FEW REASONS TO BITCOIN BEARS COME-
[1]-Hacked exchanges
More and more exchanges getting hacked. The recent hacking of one of Japan’s largest cryptocurrency exchanges, CoinCheck, raised a lot of dust. About 260.000 users who lost NEM deposits will get compensated. But theft of $534 million worth of NEM coin is due to negligent in the storage of mentioned tokens. CoinCheck stored them online rather then offline, however, they weren’t using multi-signature wallet. But according to Bitnation’s CFO, Dr. John Mathews ACA, the hacking has had “minimal” impact on the crypto trading, compared to Mt. Gox hack in 2014:
“The $500M Coincheck hack had little impact on the wider crypto markets, demonstrating the increasing diversification and maturity of the ecosystem, compared to the $460M Mt. Gox hack in 2014, which precipitated a multi-year bear market.” he says.
[2]-Facebook banning all ads for Bitcoin, cryptocurrencies
The social network is banning all crypto-related ads, as it attemps to crack down on scammers and frauders. ICOs (Initial Coin Offerings) are a largly unregulated method for company fundraising and Facebook has put down the foot with new rule:
“prohibits financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.
[3]-South Korean exchanges from ban to self-regulation
The South Korean government announced that it plans to regulate cryptocurrency trades by law, but uplifting ban which influenced to the latest market crash. More than 200.000 Koreans backed a petition against the (excessive) regulation of virtual currency. By now, Korean cryptocurrency exchange platforms started to self regulate. They formed an Korean Blockchain Association (KBA) which is set to make a huge difference in the country’s cryptocurrency industry
THERE ARE ALSO SOME IMP* REASONS TO BITCOIN BULL RUN COME AGAIN IN- 2018
- Psychological Warfare
The $10,000 Bitcoin barrier has long been held as the psychological breaking point of the cryptocurrency. In a statement made before BTC’s historic price run last year, CryptoCompare CEO Charles Hayter referred to the $10,000 mark as a “seminal moment”.
“$10k represents the closing of the second cycle in Bitcoin which has drawn the interest of institutional investors who have so far been constrained from trading by their remits. This is starting to change as more sophisticated and regulated instruments are made available. This will lead to Bitcoins third cycle.”
The re-crossing of the $10k Rubicon is set to reaffirm the truth lying dormant in the hearts of HODLers around the world— Bitcoin is here to stay. Casual investors observing the market are now poised to enter the fray in order to capitalize on a “second chance” at the dazzling profits generated during December ‘17, adding momentum to the positive swing.
- Historical Trends
Bitcoin first broke the $10k ceiling on the 29th of November last year and, after a short 24-hour feeding frenzy that saw prices shaved back down to a little over $9k, soared to $17,000 in a little over one week. Bitcoin has remained impetuous over the course of its tenure as the reigning king of the crypto market, defying prediction and exploding in breakout runs without warning. - Institutional Money Enters the Battle
Bitcoin, and the cryptocurrency market as a whole, is the target of endless speculation. Bitcoin has now “died” more than 250 times according to the mainstream media but, in reality, the crypto-party has only just started— and the institutional money is about to arrive.
Infamous crypto-skeptic JP Morgan Chase CEO has recently changed his tune on the Bitcoin debate, acknowledging that “The blockchain is real”. Incumbent financial institutions around the world are now eyeballing blockchain solutions to hedge their bets against the disruptive potential of the market.
Ultimately, interest on an individual level catalyzes interest from the institutional level. With Bitcoin hedge funds raking in profits and institutional investors such as Goldman Sachs considering entering the crypto market directly, you can bet that BTC’s return to $10k has institutional money champing at the bit
