Bitcoin Hits New 2018 Low Amid Shaken Investor Confidence

If you have been investing in the cryptocurrency investor, you would know that since the highs at the  end of  last year, most of the crypto currencies have fallen by half or more. Ripple is one fifth the price of what it was in December last year. Bitcoin isn’t far behind. Sure, many low stakes casinos continue to accept Bitcoin as payment but you might just want Bitcoin to stabilize a bit.

Bitcoin continues to Tumble

Bitcoin hasn't been having the best year, and on the 24th of June this year, it dipped as low as $5787 - the lowest cryptocurrency earnings that have been recorded so far this year. This marks a 70% price decline from December $19,500. But the current bear trend, a slower grind driven by global regulatory scrutiny, allegations of market manipulation, and battered investor sentiment, may prove more sustained — despite a bounce that followed the new low.
The Bitcoin Boom and Its Fall Since Then

Fortune and other companies were quick to call it a bubble when the Bitcoin peak happened last year, and retail investors new to digital assets class rushed to invest in it. This created somewhat of a' boom'.

However, some believe that the said ‘boom’ was as a result of mass mania that was created by Forbes. It led to an increase in buying of Bitcoins in bulk and at large. This was especially at a point where the market was weak due to manipulation. The research pointed out that Tether might have been the biggest gainers at that time. Tether has been under investigation for a wide period.

How do Things Look in the Future?

Tether issued $250 million in new tokens on Monday, one of the main reasons why the Bitcoin cryptocurrency went down. It could potentially spark a bitcoin rally could be bound to happen.

What Wrecked Bitcoin’s Journey This Year?

One of the reasons that led to the decline this year was a result of the recent restrictions on cryptocurrency exchanges on Japan. The move was following the hack of Coincheck and the inspections that revealed many inadequate security measures of multiple exchanges. They wanted to secure their cryptocurrency users. However, this has led to a low turnout in Investment.

However, it is good to realise that bitcoin has been under some wrangles of its own not just under the worries of Tether. Following the rise of the ‘Boom’, it led to the rise of ‘scams’  and "shaky projects".  The once utopian community has been facing many escalating conflicts. Moreover, many companies are investing in other alternatives like Litecoin and Ethereum. The drastic movement of blockchain and the changing organizational choices is another sign of just how nascent the market is.

As per the Forbes magazine, an investment still in Bitcoin a year when it landed at $2700 would have produced 117% return as of it’s lowest point on Sunday. Only time will tell if businesses will continue to trust Bitcoin that can help the cryptocurrency avoid a further decline.