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Bitcoin, the largest cryptocurrency in the world, is experiencing one of its worst weeks in 2018. In eight days, the digital currency has recorded a decline of 35.94% and worsened this Monday its depreciation to reach the $ 3,500. This figure represents a decrease of 3.82% in one hour and 17.30% in one day.
Due to its volatile nature on the market, its value has been a real roller coaster. It went from $ 1,000 in January 2017 to $ 20,000 in December, then dropped to $ 6,000 in the last few months.
Many of the fears that sparked the 2018 crash – such as in-depth regulatory scrutiny, disagreements within the digital currency community, and market chaos – have intensified this week.
Analyst Jorge Bejarano, an OAS consultant in digital security, says the reasons for the collapse are that in recent months "interest has fallen or has been the source of the most important negotiations. in terms of badet trading the expectations of making negotiations based on cryptocurrencies ".
"There had been talk of establishing a cryptocurrency trading table and this created hope for a more meaningful negotiating space.. However, the problem has not prospered and is a little more mistrustful of stability. "
The regulatory oversight that digital currency has faced is another major cause of the collapse of the past few months. "The fact that these cryptoactives do not have a central authority and a bank that supports them ends up generating mistrust of the support that can be given," he said. .
In addition, adds the specialist, it is added that "It is difficult to transfer with more stable physical badets using critics to acquire them. For example, in Colombia, you can not buy an apartment with a bitcoin because transactions are not allowed. All of these elements generate instability. "
Analysts also attribute this decline in value to an investigation by the Securities Commission into fraud in this sector, which resulted in fines for initial offers of non-regulatory crypto-currencies. On the other hand, a wave of widespread digital currency sales subtracted three-quarters of the value of the world's best-known cryptocurrency this year.
Other cryptographic currencies also depreciated sharply this week. The Ethereum ether dropped 1.6% and the Ripple XRP, of a similar depreciation, in a depreciation largely caused by a lack of confidence. On Monday morning, bitcoins continued to hover around $ 3,880, remaining above the lows of 2018 last week.
Bejarano points out that this is not the first time that the price of cryptocurrencies has collapsed. "In a speculative market, it's like being in a roller-coaster ride that goes up and down absurdly, the difference is that there is more interest in knowing about the stability of investments and the news has more visibility on everything. change, especially on negative changes, "he said.
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