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Bitcoin, trapped in a bear market longer than a year, lost some 80% in value in the last 15 months and caused number of people in the fledgling industry to change or defer their projects into bitcoins and crypto-currencies.
The price of bitcoin, after exploding to nearly $ 20,000, dropped back to around $ 4,000 late last year–where he stayed since the beginning of 2019.
Now, the long-awaited initial public offering of the Bitmain Technologies bitcoin and cryptocurrency principal seems to have been put on the ice, sowing consternation in the booming cryptocurrency sector.
The rapid rise of Bitcoin and the ensuing price collapse have forced some companies to rethink their short-term strategies.
Getty
China's Bitcoin Mining giant, Bitmain Technologies, appeared to be abandoning its IPO ambitions this week after allowing its publicly traded offer in Hong Kong to expire – about six months after Prosper filed its prospectus.
Bitmain, however, has announced its intention to reapply "at a convenient time in the future".
"We recognize that, despite the enormous potential of the cryptocurrency and blockchain industry, it remains relatively young and proves its worth," Bitmain said on his website. "We will revive the registration application work at a convenient time in the future."
Bitmain, which designs computer hardware and chips for artificial intelligence and cryptocurrency, was aiming to raise about $ 3 billion during its IPO, according to a Reuters report, citing anonymous sources.
Bitmain reported a net loss of $ 395 million in the second quarter of 2018, as the company reportedly spent $ 500 million on failed chips in the last 18 months.
The thunderous race of the 2017 epic bitcoin price sparked a wave of investments that evaporated with the collapse of the price of bitcoin.
Coindesk
Although the price of bitcoins has been trading flat for several months, the bold bitcoin bulls have continued to talk about the prospects of bitcoin and cryptocurrency, with the founder and general manager of the Galaxy Digital cryptographic badet manager.& nbsp;Mike Novogratz said that Bitcoin's next move would be "higher."
Novogratz adds its voice to other bitcoins and crypto-fortunate, including the billionaire & nbsp;Binance general manager Changpeng Zhao, & nbsp; EOS co-founder and CEO of BlockOne, Brendan Blumer, and & nbsp;billionaire Winklevoss, twin of Facebook's founding fame, who later created the American Gemini crypto exchange, who said they still have great confidence in bitcoin and crypto despite the slowdown …and bet that prices will go up.
The bitcoin industry is currently trapped in a long-standing bear market, with a few & nbsp;A value of $ 400 billion erased from the crypto-currencies of the world in the last 14 months.
The lightning epic of Bitcoin in 2017 has been largely corrected by expectations in terms of institutional investments and the support of big banks for Bitcoin is expected to arrive soon. As 2018 dragged on and this investment did not appear, many investors and traders were cold-blooded, & nbsp;bail out of their bitcoin and cryptocurrency positions.
However, many Bitcoin investors and traders are considering solutions such as & nbsp;the highly anticipated Bakkt bitcoin platform& nbsp; and a US exchange-traded fund (ETF) bitcoin to raise the price, althoughInvestor expectations have been somewhat dampened in recent times as the US Securities and Exchange Commission worries about potential price manipulation.
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Bitcoin, trapped in a bear market that has been going on for more than a year, has lost about 80% of its value in the last 15 months, which has led many people in the nascent sector to change or postpone their bitcoin and cryptocurrency projects.
The price of bitcoin, after a frenzied surge of nearly $ 20,000, dropped back to around $ 4,000 late last year, where it has remained since the beginning of 2019.
Now, the long-awaited initial public offering (IPO) of Bitmain Technologies, the main minor of bitcoin and cryptocurrency, seems to have been put on ice, sowing consternation in the booming cryptocurrency sector.
The rapid rise of Bitcoin and the ensuing price collapse have forced some companies to rethink their short-term strategies.
Getty
The Chinese Bitcoin mining giant, Bitmain Technologies, appeared to be abandoning its IPO ambitions this week after leaving its list of Hong Kong stock exchange proposals to expire, about six months after the prospectus was filed. stock market listing of Bitmain.
Bitmain, however, has announced its intention to reapply "at a convenient time in the future".
"We recognize that despite the enormous potential of the cryptocurrency and blockchain sector, it remains relatively young and proves its worth," Bitmain said on its website. "We will revive the work of the listing application at a convenient time in the future."
Bitmain, which designs hardware and chips for artificial intelligence and cryptocurrency, was aiming to raise about $ 3 billion in its IPO, according to a Reuters report, citing sources not named.
Bitmain reported a net loss of $ 395 million in the second quarter of 2018, as the company reportedly spent $ 500 million on failed chips in the last 18 months.
The thunderous race of the 2017 epic bitcoin price sparked a wave of investments that evaporated with the collapse of the price of bitcoin.
Coindesk
Although the price of bitcoins has been trading flat for several months, the bold bitcoin bulls have continued to talk about the prospects of bitcoin and cryptocurrency, with the founder and general manager of the Galaxy Digital cryptographic badet manager. Mike Novogratz said that the next move that will make bitcoin will be "higher".
Novogratz adds its voice to other bitcoins and crypto-fortunate, including the billionaire Binance general manager Changpeng Zhao, EOS co-founder and BlockOne CEO, Brendan Blumer, and billionaire Winklevoss, twin of Facebook's founding fame, who later created the American Gemini crypto exchange, who said they still have great confidence in bitcoin and crypto despite the economic slowdown – and that they are betting that prices will rise.
The bitcoin sector is currently trapped in a long-standing bear market, with some A value of $ 400 billion erased from the crypto-currencies of the world in the last 14 months.
The lightning epic of Bitcoin in 2017 has been largely corrected by expectations in terms of institutional investments and the support of big banks for Bitcoin is expected to arrive soon. As 2018 dragged on and this investment failed, many investors and traders were cold-hearted, pulling out their positions in bitcoins and cryptocurrency.
However, many Bitcoin investors and traders are considering solutions such as the highly anticipated Bakkt Bitcoin platform and a US Bitcoin Exchange Traded Fund (ETF) to raise the price.Expectations have eased somewhat recently, with the US Securities and Exchange Commission worried about possible price manipulation.
