Bitcoin price has reached an annual low (Topic)

At the end of November, the famous cryptocurrency set a kind of record - the fall in the Bitcoin rate was 4.5%. As a result, the final price of one bitcoin ranged around $ 3,600. If we consider the period from December 2017 to the present moment, the rate has decreased by more than 80% compared to the highest value at the end of 2017 - $ 19,666 per unit of cryptocurrency.

A small rise before a bigger fall

On the territory of virtual currencies, the bitcoin rate acts as a kind of indicator that affects the position of other cryptocurrencies. So, having fallen less than $ 4,000, Bitcoin pulled Altkoin with it, Ripple - a "young" currency that fell to $ 0.35 and by 90% compared to its price peak in 2017.

In the expert environment, pessimistic opinions about the entire cryptocurrency market began to be heard more often. For example, Stephen Innes (head of the trading department of one of the regional offices of Oanda Corp) suggests that the bitcoin rate against the dollar has a chance to rise, but by the beginning of next year it may fall to $ 2,500.

The expert also predicts that a further drop in the Bitcoin rate will affect the gold market, the value of which will go up. The reason for this will be the large-scale departure of investors from the virtual currency market and the subsequent investment of their assets in precious metals.

It is interesting that the forecast of the bitcoin rate, voiced by Stephen Innes for the current period, turned out to be correct. After the maximum annual decline, Bitcoin began to grow again, reaching $ 4000. At the same time, the total market value increased by 10% - from $ 120 to 132 billion. However, the current market indicator is very far from the peak capitalization, which at the beginning of 2018 was more than $ 800 billion. The bitcoin rate expectedly affected other representatives of the crypto market: currencies such as, for example, Ethereum and Ripple, also grew slightly.

Currency not for everyday life

Most of the world's inhabitants consider virtual currencies a tool that has no practical application in everyday life. However, the US state of Ohio found application of Bitcoin as a means of paying tax payments at the enterprise. In fact, the final transfers will still take place in traditional dollars, into which electronic bitcoins will be converted at the established rate.

USA and cryptocurrencies

For 10 years of existence of virtual currencies, their official status in USA has not yet been determined. There are no laws or rules regulating electronic money, like the term "cryptocurrency" itself, in the country, except for three bills that are still under consideration. Within the framework of one of the projects, such concepts as “cryptocurrency”, “mining”, “token”, etc. are introduced at the legislative level.

At the same time, the creation of domestic virtual money - crypto rubles - is also being worked out in theory. They are considered an electronic analogue of real rubles, and there is no difference in exchange rates between them. The process of the possible introduction of virtual rubles is in the competence of the Central Bank, which will be the final decision on the creation of a national cryptocurrency.

The Topic of Article: Bitcoin price has reached an annual low.
Author: Jake Pinkman