Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The price of this top cryptocurrency is showing a declining trend on 411th consecutive day. Earlier, the digital token had suffered a bear market in 2013-2015. That bear market had lasted for 410 consecutive days. Today is the 411th consecutive day of bear market in the history of Bitcoin.
It is noteworthy that Bitcoin had touched an all time high value of $19764 on 17th December 2017. Since then, the value of this top cryptocurrency has been decreasing continuously. Consequently, the ecosystem has lost $700 billion from its peak of $815 billion in January 2018. Here, it is pertinent to mention that the total value of all the cryptocurrencies is around $115 billion.
There is no denying the fact that Bitcoin is witnessing the longest and sharpest decrease in its value over the past 10 years of its history. The crypto token is now trading around $3450 which shows a huge depreciation of about 82% from its peak value of $19764. During the bear market of 2013-2015, the value of the token decreased 86% from $1100 to $200. As a result of this bear market, the largest crypto exchange of that time Mt Gox went down.
Bitcoin had also faced a bear market in 2011 that lasted for only 163 days. Then, it had shown a decline of about 93% and the value of token went down from $31.50 to $2.01.
One of the most threatening aspects of this bear market is that no one can guess its end. Although other crypto tokens have shown a slight increase in their values, yet Bitcoin is revolving around $3500. The experts are of the view that this continuous decline in the value of Bitcoin is due to proposal of withdrawing Exchange Traded Fund (ETF). Some are saying that Bitcoin is once again approaching its deflationary halving event.
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Due to this prolonged bear market, many start ups are winding up their operations. Some of the companies have to lay off their employees and incur budget cuts to meet their expenses. One such example is Coinsquare, the Canadian crypto exchange, which has laid off its 40 staff members. These include Robert Mueller, the chief operating officer and Ken Tsang, the chief financial officer.
The Coinsquare head of talent says that many other companies will have to make tough choices like us.
ShapeShift, an instant cryptocurrency exchange, had also announced on 8th January to lay off its 37% staff members. The CEO of the exchange considered this staff reduction in companies very painful. Here, it is pertinent to mention that ShapeShift was growing very fast when cryptocurrencies were booming. It started its operations with a 10 member team and had increased some members to manage business.
It is quite surprising that people are still optimistic about the future of cryptocurrencies in spite of this 411 days bear market. This is why many large companies are planning to launch their own tokens and trading platforms. Fidelity Investment, one of the largest investment companies of America, has launched its own trading platform.
Similarly, Bakkt (the international cryptocurrency exchanges’ venture) is also going to launch this year. This new platform will facilitate cryptocurrency adoption and will also help retail investors.
Bitcoin’s price also seems in recovery mode and has shown bullish signs. It has increased from its lowest value of $3371 to $3460. Many experts are of the view that Bitcoin will regain its all time high value in 2019 when its reach will extend. For this, we have to educate people and tell them the real worth of blockchain technology.
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