The festive season has been very steamy, and people have enjoyed in different ways. For those who are active in cryptocurrency, it has been a Christmas not to forget. Starting from November when Bitcoin smashed barrier after barrier and hit the $11,000 mark in December when it almost hit the $20,000 mark. The season has also seen plenty of corrections and despite the corrections Bitcoin always bounced back.
In November Bitcoins price reacted strongly when the news about the launch of Bitcoin futures was announced. This news led to a massive bull run. The launch by CBOE had a very big effect even more that CME which launched a week later. The general thinking around the futures was that mainstream financial institutions would openly trade Bitcoin which would increase the flow of money into the currency. The price stayed high until 22nd December when there was a massive correction which saw the price sink to $11,000.
But this drop in prices did not affect Bitcoin only. The entire cryptocurrency market saw less which saw a combined drop of $200 billion in a single day.
Litecoin and Coinbase
During this season also Coinbase announced that it was launching Bitcoin cash in its platform. This announcement saw the price of Bitcoin cash go up very fast, but the surge was marred by a scandal. This forced Coinbase to suspend all Bitcoin cash transactions to investigate the allegations which they suspected were transactions by employees.
At the same time, Litecoin’s founder tweeted that a bear market was approaching which would see the drop of Litecoin to as low as $20. Nearly a week after making the announcement he sold and donated all his Litecoins stating that he was avoiding a conflict of interest. He has however defended his selling by saying that he was just a founder not the CEO.
I'm glad to see that the market is not overacting to this news.
You can't compare me to a CEO selling all his shares. I'm the creator. Litecoin is like my kid. I'm more invested in it than someone holding 1MM LTC. For me, it was never about the money or I would have pre-mined!😀 https://t.co/efKxK3coV4
— Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
This tweet was the news all over stations. The sale of all his investments in a currency he had founded highlighted lack of confidence in it. This move saw the currency’s price drop from $360 to $280.
The unpredictable drop in Bitcoin saw people panic while others started to seek advice. But one Blockchain engineer encouraged them in his tweet that good things come to those who HODL.
HODL on to your bits! pic.twitter.com/C7W2TX6kxg
— Jameson Lopp (@lopp) December 22, 2017
After the period of madness, altcoins seems to have stabilized. It’s now expected that more will happen in 2018 in the cryptocurrency market.According to Coinbase’s CEO, many people have been watching and waiting to invest in Bitcoin. The problem people are facing is that they are not trusting exchange companies and that’s why they are staying away.
Afraid of the cryptocurrency market
It’s estimated that about $10 billion is waiting to be invested. However recent surge led people to use. A good example is Mike Novogratz who paused the launch of his $500 million funds. The good news is that Bank giants Goldman Sachs is planning to start cryptocurrency trading in 2018. This would make them the first major Wall Street banks to be actively involved in digital currencies.
Looking at the 1000% rise in Bitcoin in 2018 anything is possible in the coming year. It’s also seem that many financial institutions are afraid of being left behind and are therefore planning to join the cryptocurrency market. This is exciting the cryptocurrency specialists who are warming up for an exciting year.