If you're monitoring crypto market closely and have been taken a position in Bitcoin lately, then you must be aware of the fact that Bitcoin has lost almost 50% value from its ATH in December last year. Since that moment, Bitcoin is in downtrend and consolidating for a great amount of time.
Currently trading at $13,850 and recently dumped to almost $10500, Bitcoin is holding a market capitalisation of $232 Billion with a market dominance of only 32% at this moment.
So, Why did Bitcoin fell from its ATH?
Well, this one is very obvious. What goes up too fast, comes down with that pace. Bitcoin have been increased 20X in value since the beginning of January 2017 and a retracement was somewhat obvious and necessary.
But now after that great correction, Bitcoin is still not able to go past $15000. For quite some time, it is trading in between $13000-$14500.
Reason being, the regulatory pressure from various countries. The most recent and main reason of Bitcoin recent fall is South Korea.
South Korean Justice Minister is backtracking the proposal to ban cryptocurrencies in South Korea is the main reason of recent crypto fall. Although, this decision was taken by Justice Ministry without consulting with Strategy Minister and Finance Minister.
Moreover after the widespread criticism and petition filing against Justice Ministry, this 'supposed' ban hasn't come into effect. As per the source, a spokesperson said from the South Korean cryptocurrency task force, there are no plans to ban any crypto related activity in South Korea as of now.
“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”
If we talk about more recent things, then China has again made some bold moves regarding cryptocurrencies banning in their country. After banning ICO's and crypto trading in China, now Chinese government is looking forward to ban Bitcoin Mining in China, which accounts for a majority of Mining across the World.
So, all these factors are affecting Bitcoin pricing and not letting it cross $15000 level recently.
But as we all know that FUD's & crypto falls is highly common in crypto space and eventually Bitcoin will find it's way to the next ATH in coming future.
Thanks for reading ....!!
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Thanks for the overview! BTC is an a huge consolidation at the moment, and not being able to break the resistance is really forcing it to stay low.
I think that the next big run for BTC will be the announcement of the lightning network, which will be a great improvement for BTC (and LTC).
Thanks for sharing!
i hope so too that he is still fighting, nice post
its just a matter of time FUD is everywhere
soon it will recover
I see too many people backing Bitcoin despite of its steep downfall. I think many of them have their emotions tied with Bitcoin.
Great post, very good points made! I think that as the crypto market cap grows, we're gonna see more stabilization and less dramatic swings. This is gonna really divide the market in a sense as the lower market cap coins will be the best option for speculators to make money where as the higher cap coins will see more mass adoption and a stabilizing price.
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