Bitcoin is now experiencing the longest bear trend in its 10-year history.
The world’s major cryptocurrency peaked Dec 17, 2017 — $19 767, and then began its protracted decline, which continues to this day.
Today bitcoin is moving in the global direction of bear 411 day in a row, which exceeds the similar indicator of the previous steady decline in the period from 2013 to 2015 — then the downtrend has survived 410 days in a row.
As the graph shows, the first most significant downtrend lasted 163 days in 2011.
However, if we consider the issue from the point of view of depreciation as a percentage, we can see that the current decline — not the record, despite such a long period of time.
In 2011, bitcoin had fallen by 93% (from $31 to $2) during the global bearish trend and 86% in 2013-2015, At that time, as now fix 82% of the losses.
No analyst can’t say for certain, when will the protracted collapse of the stock market. There are many factors that to date “put pressure” on the industry stronger than in previous periods, when the bitcoin and its underlying blockchain knew not many people, as it is now. For example — state regulation of cryptocurrencies.
The governments of the world powers are still not clearly defined its attitude to the blockchain-industry — USA over and over again postpones a decision on a bitcoin ETF, Russia for a year could not accept the draft law “On digital of financial assets”, a number of other States are not ready to create specific regulations for the industry.
The reason for the governmental uncertainty in the regulatory attitude towards cryptocurrencies in a greater degree is inherent to this market manipulation and excessive component of what once directly stated by the Chairman of the Commission on securities and exchange Commission (SEC) Jay Clayton.
However, on the other hand, for 2019 planned major developments that could radically change the situation on the market and to stop the prolonged bearish trend.
The most anticipated bitcoin ETF, “chewed” we have length and breadth, the launch of the platform Bakkt from Intercontinental exchange (ICE), the launch of cryptocurrency site Fidelity Digital Asset Services from investment giant Fidelity Investments, the emergence of bitcoin futures on major world stock market Nasdaq.
All these solutions are aimed to attract industry with solid capital institutional investors, which will significantly increase the total capitalization of the market and raise rates of assets.
No one can reliably determine the the deadline is annoying all of the downtrend, we can only make predictions based on fundamental developments in the industry, mentioned above — so these events are really able to raise the bitcoin from his knees and finally terminate “bear ball”.
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