Bitcoin (BTC) rose from 4.26% to $ 3,585.43 in the late afternoon on Thursday, while the cryptocurrency continued to lose ground.
One of Bitcoin's supporters, the businessman Charles Shrem, said that Bitcoin is falling because CME bitcoin futures expire on Friday. He noted that the expiration of ECM futures has led to losses in bitcoins in the past.
"It's a self-fulfilling prophecy at this point, since our team followed the pattern all year," Shrem said in an e-mail. "We also think that today's move can be driven by sales of last-minute tax losses." These dives (feel) more like a consolidation for a higher move. "The biggest players are out there waiting to buy."
This proved to be a difficult year for bitcoin and other cryptocurrencies as a combination of market correction, a shifting sentiment and external factors pushed prices down.
During the year, boxer Floyd Mayweather and recording artist DJ Khaled were forced by the regulators to repay the earnings that were paid to promote an initial money supply, or ICO, for a company called Centra Tech. In addition, the SEC established last month that two ICOs, CarrierEQ Inc. (Airfox) and Paragon Coin Inc., had to return money to their investors. Neither Airfox nor Paragon registered their ICOs under federal securities laws, nor did they qualify for an exemption from registration requirements, the SEC said.
According to Facebook, the company is developing a cryptocurrency that will allow users to transfer money via the company's WhatsApp messaging app. If true, the move would strengthen the cryptocurrency market by adding the two billion WhatsApp members as potential users.
But institutions have largely moved away from space, mainly due to the lack of insurance providers to support exchanges amid concerns of fraud and security escapes, which are added to the uncertainty of volatile investments.