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Bitcoin Fell Into The Longest Decline

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The fierce winter swept the virtual currency, Bitcoin appeared the longest decline in 10 years, and the total market value of the virtual currency fell 85% from its high point. The market was bleak, and the Chicago Options Exchange (CBOE) decided to stop issuing bitcoin futures contracts. Some people worried that the virtual currency could never reinvigorate the past.

CNBC and the Wall Street Journal reported that the virtual currency market was cold and the price of bitcoin on Tuesday (3/19) was slightly below $4,000, which was a drop of 80% compared to the December 2017 high of $19,800. The total market capitalization balance of the virtual currency also fell 85% from the high point of January 2018. TradeBlock data shows that the volume of virtual currency transactions in the largest US exchanges has continued to shrink over the past 15 months.

When the previous virtual currency was hot, CBOE Global Markets took the lead and launched Bitcoin futures in December 2017, the first in the market. However, CBOE Global Markets said last week that it will not issue new bitcoin futures in March. The current CBOE bitcoin futures can continue to trade. After the final June expiration, CBOE bitcoin futures will be officially drawn.

The important financing channel of the virtual currency, the “coin crowdfunding” (ICO), also blows the cold wind. TokenData data shows that ICO raised $12 billion in 2018 and has raised only $100 million so far this year. Of the 50 ICO projects tracked by TokenData this year, only 13 remain operational, with a failure rate of 74%, up from 55% in 2018.

Diar data shows that bitcoin miners’ revenues have fallen all the way in the past 15 months. Although bitcoin prices have not broken the December 2016 low, the fierce decline has caused many people to worry that it may be difficult for the virtual currency to return to the high point. The long-term prospects of virtual currency depend on whether Bitcoin and the blockchain technology behind it can be developed for practical use.

Shivam Singh
Founder of the TechGrits, has always looked at technology as a piece of knots. From an early age connected to the technological world, this is literally your dream job.

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