Bitcoin suffered a steep loss on Monday, dropping to $6,897 USD at some point during the day, according to www.CoinMarketCap.com. After a downward month caused, in part, by the regulatory spirit surrounding the cryptoeconomy, the investors just wanted to avoid a negative record, but instead suffered a 17% decline in the last 24 hours. This time, the rumors that put a bullseye on the market came from China and the U.S.A.
From the Asian giant, news came that the government pretends to eliminate all the Exchanges in the country, even those that operate there without having physical headquarters in China. The Chinese government also doubled down on its battle against Inicial Coin Offerings (ICOs) for their citizens, in a clear move to reinforce the decisions made last year, when it imposed a ban on any digital coin payments and transactions, as well as ICOs.
But, since there were still illegal and concealed offers of cryptocurrencies, today China toughened its policies on cryptocurrencies by following the example of Facebook and Instagram, and banned any cryptocurrency advertising.
The U.S. dropped the second bomb on the cryptocurrency market when Bank of America, Citigroup and JP Morgan banned payments of digital coins using their credit cards. According to Infomoney, the companies argued that they couldn’t validate the risk those transactions may inflict in their customers. Another factor is the great debt those customers are stacking up in their credit cards because of the instability on Bitcoin price.
As we’ve said before, January was one of the worst months in Bitcoin’s history, but we are aware this asset has been volatile since it was born. There were times when Bitcoin lost up to 38% of its value in just one day, a reminder that we aren’t used to the current reality of it: the struggles to stabilize it as a safe and reliable asset, with real value.
But we know Bitcoin’s ability to bounce back and we estimate this is just another phase of the currency. Like we’ve stated before, 2018 will be THE year for the cryptocurrency market, and we strongly believe it will receive a boost from the investors' positive response to all the attempts to stop something that seems unstoppable.
Conocemos la característica de fénix de Bitcoin y creemos que sólo se trata de una fase más de la criptomoneda. Haciendo referencia a lo dicho en artículos previos, 2018 será el año del mercado de criptomonedas, estimulado exactamente por las respuestas positivas del mercado a todos los intentos de frenar lo que es imparable.