Bitcoin’s price surged from less than $1,000 at the start of 2017 to almost $20,000 amid a frenzy of trading that also saw other cryptocurrencies ride to new highs, but has the biggest money-making opportunity of the last decade now come to an end?
In many cases, the miners have turned off their machines until the price returns to attractive levels and mining becomes profitable again. “It’s got to be getting to the point that some of them may be losing money,” said Shone Anstey, co-founder and president of Blockchain Intelligence Group.
Some would say it is now time to sell as it seems all those early predictions of Bitcoin’s value increasing to $100,000 were simply pipe-dreams or a guaranteed way of a little-known individual making headlines and receiving retweets.
Nobody wants to admit they were wrong or admit defeat, but buying crypto is now a gamble rather than an investment and it will have come as absolutely no surprise to anyone with experience in the financial market. Bitcoins downfall may have been triggered by South Korea (the third largest market for cryptocurrency) cracking down on Bitcoin trading.
The crypto-craze was/is an era, which will be remembered alongside our fond memories of other new age technologies like the internet, satnavs and smartphones, all have brought lifestyle change, but it would not be wise for anyone to make predictions of Bitcoin making a dramatic return to glory.