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How does Bitcoin and the cryptocurrency market end in 2018 after a bear market?

How does Bitcoin and the cryptocurrency market end in 2018 after a bear market?

Bitcoin has had a very difficult year. Since December 2017, Bitcoin has started to fall without being able to recover part of its price. At that time, Bitcoin (BTC) was growing at very high rates and everyone expected the popular virtual currency to continue to grow further.

During the month of January, Bitcoin recorded a sharp rise in prices, when most of the altcoins also grew to record highs. At that time, Bitcoin touched $ 17,000, a 15% decline from its all-time high, but it scored the highest price in 2018.

After trading around $ 17,000, Bitcoin collapsed until February 6, when it was traded for $ 7,000 for the first time this year. However, during the first 10 days of March, Bitcoin performed well, operating between $ 9,000 and $ 11,000. But in the end, the asset continued to fall until it reached new lows in 2018 near $ 6,500.

In May, the market seemed to recover the $ 10,000 test. However, Bitcoin he was unable to overcome this price and, once tested, fell back to $ 6,200 in July. Since then, the price of the most popular virtual currency has remained relatively stable until November.

From August until November 14, Bitcoin operated in a narrow range close to $ 6,200 and $ 6,600 with just a few days to try higher and higher points. On November 14, Bitcoin and other virtual currencies collapsed. The most popular virtual currency reached $ 3,250, the lowest price this year.

During this year, several important events have marked the most popular cryptocurrency on the market. For example, in March, Bitcoin Private (BTCP) a fork of Bitcoin has been released, allowing people to process private transactions using ZClassic technology (ZCL).

In October, the Chinese court ruled that Bitcoin is still protected as private property and that it has economic values ​​according to the laws of the country. At the same time, Ohio became the first US state to allow citizens to pay taxes using Bitcoin. Other states could now make a similar decision.

In 2018, several Bitcoin ETF proposals were rejected by the US Securities and Exchange Commission (SEC). However, this may change in 2019 if the regulatory agency decides to approve the first Bitcoin ETF.

2019 will be an important year as regulatory agencies could play an important role in creating a better space for virtual currencies and blockchain technology. Investors will also feel more protected if clear rules are established on the matter.

Some of the things investors are waiting for are the launch of the Bakkt platform and the approval of a Bitcoin ETF. If that happens, the market could see a new bull run that would help Bitcoin recover part of its lost price. At the time of writing this article, Bitcoin is trading around $ 3,925 and has a market capitalization of $ 68.53 billion.

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