Bitcoin at risk of falling to $ 6000 by the end of the year
After the triumphs of last year, 2018, is marked by a decline in investor interest in the cryptocurrency. Significant fall in the exchange rate of bitcoin (Bitcoin) by 60% since the beginning of the year, the decline in trading volumes and volatility in cryptomeria twice, as well as reducing the number of queries in search engines for keywords “bitcoin” and “mining”.
Investors in cryptocurrencies this year was disappointing tighter regulation of bitcoin in the world (particularly in Japan and South Korea) and periodic break-ins by hackers kryptomere (this year with a minus sign distinguished Coinrail and Bithumb). To reverse the downward trend could be the decision of the securities Commission of USA (SEC) on the licensing of ETF-funds on bitcoin, but so far the SEC has refused funds subject to licensing, noting the lack of adjustability and the high volatility of bitcoin.
Note that the decrease in quotations of the cryptocurrency is not without setbacks. During the year (in February and late April) there was a surge of interest in bitcoin (Bitcoin), bitcoin cache (Bitcoin to Cash) on the background of news about the listing on the Gemini and IPO Bitmain and ripple (Ripple) on the background of cooperation with the PNC and the launch of a payment platform xRapid. But to the full rebound of the cryptocurrency, they failed. In recent weeks, the number of positive news for cryptocurrencies has increased. In particular, in October, Google plans to lift the ban on advertising of crypto-currencies, and interest in blockchain technology showed Starbucks and Microsoft. Yet to reverse the downward trend in bitcoin news can not afford – until the end of the year bitcoin could drop to $6000.
Figure 1: Dynamics of exchange rate of Bitcoin
However, this does not negate the long-term prospects of bitcoin. Its unique properties – anonymity, decentralization and neregularitati will be in demand from investors. In favor of bitcoin says a solid number of transactions carried out with its aid system proved itself as a reliable. Sooner or later, the interest in cryptocurrency will come back. History of bitcoin develops a sine curve – periods of excitement and forgetting to follow each other. The last big surge of interest was in 2013 and 2018, while signs of renewed interest in crypto-currencies is not observed.