For those bitcoin enthusiasts anticipating to put 2018 behind them, 2019 hasn’t got off to a best of starts with a many famous digital banking on lane to record nonetheless another losing month.
Barring a teenager miracle, Jan will symbol a sixth uninterrupted losing month for bitcoin — something it has never managed before, according to Dow Jones Market Data, that dates behind to Jul 2010.
The strain began on Aug.1 with bitcoin
trading above $7,700. Since afterwards it has tumbled some-more than 50% with a darkest days entrance in Nov when it crashed by support during $6,000, descending to as low as $2,500 a coin.
Read: Here’s because bitcoin isn’t a subsequent gold, in one draft
So with Jan entrance to an end, will Feb finish a unpopular record?
Probably not, if we ask Travis Kling, owner and arch investment officer of Ikigai Asset Management. He believes there’s some-more pain to come, arguing a attention needs a reorganization before a waves can truly turn. “More exchanges gone. More projects shuttering. More SEC enforcements. More ‘crypto is dead.’ Only afterwards do we pierce higher,” he tweeted.
We need more.
More exchanges gone. More projects shuttering. More SEC enforcements. More developer ragequits. More ICO Treasury selling. More layoffs. More account liquidations. More scammers exposed. More unsuccessful top raises. More “crypto is dead”.
Only afterwards do we pierce aloft 🙂
— Travis Kling (@Travis_Kling) January 28, 2019
Market researcher Jani Ziedins also has reservations about a destiny of a nascent technology.
“There are cases like a dot-com burble where a series was legitimate, a investors only got vehement a small too early. Will bitcoin do a same in 10 years? we have my doubts,” he pronounced in an email to MarketWatch.
“First, a enchanting thing about bitcoin was that by pattern it has a bound supply. That was ostensible to forestall strategy and inflation. Bitcoins would get some-more profitable as time went by and their recognition increased. And that would have worked in a bubble. But bitcoin didn’t work in a burble and a recognition captivated large copycats that severely diluted a cryptocurrency market,” he said.
Read: Blockchain adoption temperate and seductiveness in bitcoin waning, contend JPMorgan analysts
On a and side, a cryptocurrency has logged gains in Feb any of a final 4 years.
On Thursday, a singular bitcoin was attractive around $3,450, down some-more than 80% from a all-time high nearby $20,000.
Read: Meet a lawyers who pivoted from fortifying DUIs to advising initial silver offerings
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Aaron Hankin is a MarketWatch contributor in New York who covers cryptocurrency and financial markets.
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