2018 hasn’t really been favorable to the digital currency space and investors. The values of almost all the digital currencies in the market have declined to their lowest points since late last year. Even the king of crypto – Bitcoin (BTC) – has declined from its all-time high of $20k to about $6,500 at the time of writing. The outlook isn’t also very encouraging at the moment, but many are predicting that digital currencies will rebound in the coming months.
Bitcoin (BTC) Is Not the Only Affected Coin
Bitcoin (BTC) is not the only coin suffering the massive declines recently, other digital currencies have also lost a considerable percentage of their values, and it has even worsened over the past two weeks. The bears were totally in control of the crypto market and they have been able to cap the upward trends of digital currencies.
Bitcoin (BTC) Price Today – BTC / USD
So far this year, Bitcoin (BTC) has lost more than 60 percent of its value. Other digital currencies have even seen worse, as some of them have even lost up to 90 percent of their values. Ethereum (ETH) – the second largest digital currency by market cap – has lost 86 percent of its value just this year alone, while XRP – the world’s third largest digital currency – is down by 92 percent from its all-time high. Also, the entire market cap of the crypto market has dropped by about 80 percent from its all-time high early this year.
Bitcoin (BTC) Is Here to Stay – Here’s why
There are lots of people that believe in the potential of Bitcoin (BTC). During an interview with CNBC, the Founder of Digital Currency Group – Barry Silbert, said he is 100 percent confident that the “digital, decentralized money is here to stay.” Monitoring and Scrutiny of firms involved in the digital currency ecosystem have also increased.
Such actions from regulatory bodies will help boost the confidence of investors in the digital currency industry. A couple of days ago, the U.S SEC fined a digital currency hedge fund for the first time. The FINRA also charged a broker with securities fraud associated with a digital currency deal.
Another thing that will boost the confidence of investors in Bitcoin (BTC) and the digital currency industry is the approval of an ETF for Bitcoin (BTC), and the SEC has scheduled 30th of September to make their final decision on the Bitcoin (BTC) ETF application filed by CBOE.