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The Bitcoin and Cryptocurrency markets are about to close a difficult year that has erased 80% of the value of bitcoins and even more from some of his biggest rival cryptocurrencies.
The price of bitcoin, which has fallen to annual lows of about $ 3,200 at the start of this week, he rebounded a bit & # 39;, rising above $ 4000. That strong rally may not be enough to reassure bitcoin buyers who have been burned by the bear years market, however, with the pace of sales collected in the last few months.
Now, JPMorgan Chase, a US bank, warned that the bitcoin sliding market has frightened long-awaited institutional investors, many of whom in space were waiting to trigger the next cryptocurrency launch with an injection much needed cash.
Bitcoin prices have been on a downward trend for the whole year after reaching a peak of nearly $ 20,000 12 months ago.Getty
"The participation of financial institutions in bitcoin trade seems to fade," & Nbsp;JP Morgan analysts wrote in a research note to customers, it was reported for the first time since Bloomberg, a newswire. "Key flow metrics [in futures markets and in average volumes] they have reduced dramatically. "
Bitcoin prices peaked at nearly $ 20,000 last December, but are steadily declining for most of 2018. In November, a difficult fork of bitcoin cash cryptocurrency, in turn a fork of the original bitcoin , & nbsp;caused panic to sweep the market and led to a rapid decline in the bitcoin price.
"Other cryptocurrencies continue to suffer disproportionately during this correction phase," bank analysts added. "Prices have fallen to a point where mining is becoming uneconomical for some miners, who responded by turning off their mining platforms."
While the price drops, some have warned that it is becoming uneconomical for bitcoin and cryptocurrency miners, who create digital tokens using high-powered computers, to keep their machines running and leading to many speculations the great bitcoin experiment could end.
The bitcoin price suffered a sudden downward turnaround in November, after months of stagnation.CoinDesk
Bitcoin bulls remain confident that a number of high-profile developments could push the highest price in the near future, however. The owner of the New York Stock Exchange, the Intercontinental Exchange, along with the Starbucks coffee chain, the Microsoft computer giant and the Boston Consulting Group, are supporting a new company called Bakkt that will facilitate the trading of bitcoin futures within the first quarter of next year, after delaying the launch from November.
In October, Fidelity Investments, which manages over $ 7.2 trillion in customer assets, announced the independent company called Fidelity Digital Asset Services to manage custody, & nbsp; the secure storage of digital resources, for bitcoins and other cryptocurrencies and will perform transactions on multiple exchanges for institutional investors.
Meanwhile, commenting on JPMorgan's research note, Mike McGlone of Bloomberg Intelligence predicted the most recent increase in bitcoin prices, which has pushed the price of bitcoins by around 10% in the last 24 hours.
"You can expect a strong rally as the market is extremely over-sold by most of the metrics," McGlone said. "Record extreme shorts and discounts for most moving averages."
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The Bitcoin and Cryptocurrency markets are about to close a difficult year that has canceled about 80% from the value of bitcoin and even more from some of its biggest rival cryptocurrencies.
The price of bitcoin, which had dropped to around $ 3,200 this week, has rebounded slightly, exceeding $ 4,000. That strong upside may not be enough to reassure bitcoel buyers who have been burned by the bearish market a year, however, with the sell-off sales pace in recent months.
Now, JPMorgan Chase, a US bank, warned that the bitcoin sliding market has frightened the long-awaited institutional investors that many in space have been waiting to trigger the next launch of cryptocurrencies with a lot of cash injection required.
Bitcoin prices have been on a downward trend for the whole year after reaching a peak of nearly $ 20,000 12 months ago.Getty
"The participation of financial institutions in bitcoin trade seems to fade" JP Morgan analysts wrote in a research note to customers, it was reported for the first time by Bloomberg, a newswire. "Key flow metrics [in futures markets and in average volumes] they have reduced dramatically. "
Bitcoin's price peaked at nearly $ 20,000 last December, but is steadily declining for most of 2018. In November, a bitcoin cash cryptocurrency hard fork, in turn a fork of the original bitcoin , caused panic in the market and led to a rapid decline in bitcoin prices.
"Other cryptocurrencies continue to suffer disproportionately during this correction phase," added the bank's analysts. "Prices have fallen to a point where mines are becoming uneconomic for some miners, who responded by turning off their mining facilities."
While the price drops, some have warned that it is becoming uneconomical for bitcoin and cryptocurrency miners, who create digital tokens using high-powered computers, to keep their machines running and lead to many speculations that the big bitcoin experiment could end.
The bitcoin price suffered a sudden downward turnaround in November, after months of stagnation.CoinDesk
Bitcoin bulls remain confident that a series of high-profile developments could push the price higher in the near future, however. The owner of the New York Stock Exchange, Intercontinental Exchange, along with the Starbucks coffee chain, the IT giant, and Boston Consulting Group, are supporting a new company called Bakkt that will facilitate bitcoin futures trading by the first quarter of next year, after delaying the launch from November.
In October, Fidelity Investments, which manages over $ 7.2 trillion in customer assets, presented the independent company Fidelity Digital Asset Services to manage the safekeeping, safe storage of digital assets, bitcoins and other cryptocurrencies and will perform operations on multiple scholarships for institutional investors.
Meanwhile, commenting on JPMorgan's research note, Mike McGlone of Bloomberg Intelligence predicted the most recent rise in bitcoin prices, which has pushed the price of bitcoins by around 10% in the last 24 hours.
"We can expect a strong rally as the market is extremely over-sold by most metrics," said McGlone. "Record short films and extreme discounts for most moving averages."
