Bitcoin Price Drop Creates Panic, “Is Bitcoin Dead” Search Hits Roof
The dramatic price drop of Bitcoin in the last ten days has struck panic and worry among investors. In just last two week, Bitcoin lost 30% of its price pushing it close to $4000 levels. Earlier this week on Monday, crypto market was hit with a massive price drop with its valuation hitting the lowest for 2018. Since then there’s no improvement so far as the market trades at its lowest valuation of $133, at the press time.
After the Monday’s Bitcoin (BTC) price fall, the worry about Bitcoin hit investors as the search engines were flooded with the question “Is Bitcoin Dead”? The Google Trends data shows that this query is on a rise especially from the U.S.-based investors.
Before this week, the search for this phrase previously spiked in 2014 during the bankruptcy of the Mt. Gox cryptocurrency exchange. Now as the 2018 bear market seems to be unstoppable, the question is getting asked more often.
Over the last year, Bitcoin has been through a very rough ride. Last year itself, Bitcoin’s dramatic price surge to its all-time high of $20000 created a new euphoria among global crypto investors. Despite issues of Chinese market crackdown and other things, Bitcoin’s journey to the top was unprecedented and unstoppable.
The world’s largest cryptocurrency not only managed to sway retail investors but also giant institutions alike. Derivative marketplaces like CME and CBOE launched their own Bitcoin futures contracts in December 2017.
However, Bitcoin’s glory days ended in the mid of December 2017 and since then the cryptocurrency is moving sideways. There have been some minor signs of recovery in between but in all it has been a poor show this year.
Despite Bitcoin’s continuous downward movement, it still remains as one of the most preferred crypto investments on date. Several institutions are working towards developing different derivative products for Bitcoin. In the last one year, a number of financial firms have launched Bitcoin futures and now everyone is eyeing on the arrival of Bitcoin exchange-traded-fund (ETF).
Some experts believe that the arrival of derivative products will help to reduce volatility and bring more stability for Bitcoin. The crypto market is now eagerly waiting the capital influx from big institutional players which call pull back the BTC price.