Ryan elnieno, CNBC Indonesia
19 January 2019
Jakarta, CNBC Indonesia - Amsyong. That's the fate of the Bitcoin 'legend' cryptocurrency. Just imagine, on the same date in January 2018, the value of a Bitcoin is still at US $ 12,424 or Rp 176 million (Exchange Rate Assumption of US $ 1 = Rp. 14,200). However, on Saturday (1/18/2019) the price of a Bitcoin was only US $ 3,608 or Rp. 51 million.
The drop in the price of Bitcoin made many investors and traders lose big. By 2018 the price of Bitcoin has dropped by 80% from the previous year's price.
According to financial research company Credit Karma, the United States (US) loses up to US $ 1.7 billion or equivalent to Rp. 23,800 trillion (assuming US $ 1 = Rp. 14,000) and unrealized losses of more than US $ 5 billion, but they have not claimed tax deductions because the losses are realized.
"Even though they sell bitcoin and can claim tax deductions due to losses, we found in our survey, 61% of those who lost did not really realize they were getting a tax deduction," explained Jagjit Chawla, Credit Karma General Manager, in a report, MarketWatch reported .
Just so you know, the price of Bitcoin is in a downward trend since May 2018 and cryptocurrency is now under $ 4,000, experiencing a correction of up to 80% of the highest peak of all time. Its market capitalization has fallen from US $ 327 billion to US $ 66 billion over the past 12 months. Roughly speaking, that valuation changed from Exxon Mobil to FedEx's worth.
Quartz reported, the fall of Bitcoin Cs also made other digital currency lovers stump. Collective market capitalization for all cryptocurrency fell from US $ 822 billion to US $ 130 billion.
According to BitInfoCharts, the number of active bitcoin wallet addresses every day has dropped from 1.1 million in December 2017 to 450 thousand.
Mining revenues, money generated through compensation to secure the network, and the number of confirmed transactions per day have also dropped which indicates that fewer people use Bitcoin this year than last year.
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