Bitcoin is currently in a slump, holding just under 40% of cryptocurrency transactions. A few months ago, that figure was 80%.
The bitcoin fever has subsided. The oldest and most famous virtual currency, which in December was worth nearly $ 20,000 ($ 19,511), was trading Friday at $ 6,700. It has just experienced its worst quarter since 2011 marked by a dramatic fall in prices in January. Since the beginning of the year, bitcoin has lost 50% of its value and 35% in March. Falling from its pedestal, it represents a little less than 40% of the volume of transactions on cryptocurrencies, against 80% a few months ago, notes the platform Coinmarketcap.com.
The tightening of global regulators with respect to cryptocurrency, created in 2009, used to launder money, seems to have had a real impact. And the craze of individuals dreaming of quick fortune has also dwindled. On Google, the number of weekly searches with the term bitcoin has also been divided by more than five since its peak in December. Some experts also point to the significant sales of historical players, who had gained huge market shares when cryptocurrency stammered.
Is the bubble bursting today? Impossible to say, especially since in the past bitcoin has lost twice (in 2011 and 2015) 90% of its value, before starting again more beautiful
For example, a Japanese lawyer, nicknamed "Tokyo Whale", was charged with liquidating 200,000 bitcoins (between December and February) that the Japanese MtGox platform would have recovered, after being stolen 650,000 bitcoins in 2014. It does not have completely excluded from taking back these sales.
Recently, a Morgan Stanley analyst note pointed out that the vagaries of bitcoin faithfully reproduce the cycle of the financial bubble on 2000 technology stocks, "except that it occurs
15 times faster. Is the bubble bursting today? Impossible to say, especially since in the past bitcoin has lost twice (in 2011 and 2015) 90% of its value, before starting again more beautiful. "I would not be surprised if prices fell to $ 5,000 or $ 10,000," said Craig Erlam, an analyst for Oanda.