Bitcoin has had a good trip during the last year, but that seems to have arrived that 60% of its value has vanished in a month. The excitement in the cryptocurrency market is currently so low that the value of Bitcoin fell below $ 8,000, for the first time since November.
According to the popular application of Coinbase Cryptocurrency, the price of Bitcoin fell to $ 7,540 at the beginning of the morning of this Friday, February 2, although it rose again to almost $ 9,000 at noon. This incredible increase and its value during the last weeks was not sustainable, and even the believers in the cryptocurrency revolution did not think that the value of 20,000 dollars of Bitcoin was going to be maintained for a long time. However, most did believe that the value was not going to fall below $ 10,000. This kind of baseless assertion is often wrong, but what is happening rather seems to be a massacre.
In just 24 hours around 30,000 million dollars have disappeared from Bitcoin's market capitalization. The data of CoinMarketCap reveal that all the cryptocoins of the Top 100 have fallen, with the exception of five of them. In total, Bitcoin has lost 177 billion from its peak value in December.
It is not difficult to understand why this is happening. Even if you are one of those who believe that technology is the future and that decentralized currencies are in balance, it is impossible to ignore what is the only thing you have seen during the last few weeks that has been bad news for the cryptosphere.
What is perhaps more problematic, both for the bitcoiners of all life and for newcomers, the last things for the most constant cryptocurrencies. Financial analyst Nouriel Roubini of Roubini Macro Associates told Bloomberg: "Almost everyone who creates G20 policies and legislation is talking about taking action." This week, officials in India indicated that they would soon implement the rules to eliminate cryptocurrency payments in the country, as well as officially declaring that India does not recognize bitcoin as a legal currency.
Steven Mnuchin, US treasury secretary, also said this week that he wants G20 members to discuss provisions for cryptocurrencies when they meet at the annual summit in March. Until now the United States has kept distanced from cryptocurrencies, just waiting to see what happens. But the United States Internal Revenue Service (IRS) wants its share of this money, and investors in family homes are already starting to succeed in paying Uncle Sam, part of the free money they have obtained. A user of Reddit, after visiting his accountant, commented: "Fuck the taxes, this is so fucked up that I practically did not gain anything". And it's not just the federal government that wants your taxes, the states too. A bill in the state of Arizona seeks for residents to pay the state a portion of their earnings.
Robert Shiller, a Nobel Prize-winning economist, insists that Bitcoin will eventually "collapse completely," even if it takes 100 years. Although it is currently on the path of catastrophe much faster than you imagined. It is the style of people who say that "Bitcoin is a garbage, but blockchain is real" was right.
There is no doubt that Blockchain is a unique technology, and many people are working on interesting applications for it. The problem is that the heaps of ICOs that have emerged have their value completely linked to Bitcoin. It is possible that at some point you can break away, but growth is a long and painful process
