THIS CHRISTMAS: Cryptocurrencies Will Make Several People Cry
You must have heard people talk about cryptocurrency being the next world currency, but there appears to be a battle for survival for the coins.
Since the 2017 bull run, different coins flooded the internet with contrasting prices. One of the cryptocurrencies that had led the rally is Bitcoin.
We are in 2018 and cryptocurrencies are turning things around for people.
Throwback to 2017 when Bitcoin led the pack, moving from less than $3,000 in the beginning of the year to over $17,000 by the end of the year.
People lost count of how many percentage was earned as Return On Investment.
People who read and saw the bull run jumped on the train in 2018, looking to make it big when the 2018 bull run lands in their hands.
But that is still a wild dream.
Majority of the speculators are not sure of how their Christmas will be.
Some had invested ahead, with calculations of how they will pull out in December and get themselves some great things that will make up for the risk.
Now, they have a longer time to wait or they will sell at a huge loss.
Many who saw the handwriting on the wall, could not wait to give a second thought to it before buying coins in 2018.
While bitcoin rallied up in 2017, there were different issues that the cryptocurrency world could not address or even reverse.
It started with some countries insisting on regulations, with an attempt to ensure that the owners of these coins were known and to guard against fraud.
The cryptocurrency world resisted it, and countries started banning use of the currency for payments in their territories.
On January 22, 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.
This was a tactically way of bringing in regulation and that further affected the trade of bitcoin.
Other countries applied this same tactical regulation, with Facebook, Twitter and Google announcing that it would no longer allow adverts or cryptocurrencies on their platforms.
These bans came between February and march of 2017.
The big forces on the internet had done the damage, but very few saw it, as the price of bitcoin dropped by 50% 16 days after Facebook made the announcement, falling below $7,000.
People that looked at the bull of 2017 to project and take position ahead of this 2018 Christmas, have now realised that their dream of having a fabulous Christmas was only a fluke.
A cryptocurrency enthusiast, who requested that he should not be named, told Bounce News that he had taken position months back looking at the records of how cryptocurrencies rose in December of past years. It turns out his projection was wrong for 2018.
Disappointment and regrets were what he expressed.
According to the cryptocurrency enthusiast, some persons who took loan to buy ahead of this time are in a fix, just like MMM threw so many Nigerians into confusion in December of 2016.
As of today, the price of bitcoin is 3,493.96 to a dollar, and bitcoin is not alone in this slump.
Other cryptocurrencies are also in the reds with some shedding over 90% of its rate in December of 2017.
Ethereum (ETH) is one of the most discouraging cryptocurrencies in the market.
In December of 2017 ETH traded close to the $1,500, but the digital currency is now trading at $91.45.
Are the glory days of cryptocurrencies over?
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