BItcoin prices seemed to gather a little bit on Monday afternoon after a prolonged slip that transmitted the largest cryptocurrency from market capitalization, falling 80% below its all-time high. Entering Thanksgiving weekend, the bitcoin had already taken a hit, with the price falling below $ 5,000 per coin for the first time since last October.
At one point, the bitcoin was down more than 40% for the month, according to a Marketwatch reading, enough to score a minimum of 14 months. At about 2 o'clock it seemed to have leveled off a bit, swinging around $ 3,800 per coin, according to CoinMarketCap.
The Bitcoin slide was confusing because it continued despite some encouraging signs of the news that broke the holidays. Although there are still many issues to be solved, payment processors and vendors are getting closer to understanding how to process large-scale encrypted transactions. Even decidedly non-innovative entities such as tax collectors have started accepting bitcoin payments, with the state of Ohio becoming one of the first major jurisdictions to allow companies to pay some of their bitcoin fees.
The large-scale mining operations have also started to remove their chips from the table, as reported Bloombergwhich, paradoxically, could have been good individual miners and even the system as a whole, assuming that the miners would throw the locker room to free up space for better and more committed operations to take their place.
Bitcoin is finally out of his way?
Although he has an implication of an advertising stunt – in an interview on the decision, the Ohio Treasurer said it was important that the state be perceived as a leader in Blockchain – Ohio's decision to accepting bitcoin for some tax payments is something of watershed. For example, it could finally help to silence the persistent perception that cryptography is still largely the domain of aggressive libertarians and criminals. Leaving companies to pay bitcoin taxes could also encourage them to start accepting bitcoin payments from consumers as well.
Bitcoin supporters still seem to think that the route could improve before it gets worse. Union Ventures & # 39; Fred Wilson recently wrote a post on the topic that suggests, tracing the often repeated confrontation with the dotcom crash that has now hammered venerable companies like Amazon on the edge of the extinction.
"Most of all in large companies wrote the Internet industry, canceling their efforts on the Internet as a crazy excuse," wrote Wilson. "But those who stayed were rewarded."
Furthermore, the fate of bitcoin speculators may have less to do with its adoption or its progress than the fate of the economy as a whole. Bitcoin's travails in particular reflected a difficult month for the technology industry as a whole, indicated by a corresponding slide in technology stocks. This could suggest that the price of bitcoin is just as susceptible to fluctuations of optimism for emerging industries as a whole, since it is the other factors – its novelty, the 24/7 trading cycle, its decentralization – that already make trading bitcoin a wild ride.