Bitcoin has had a lackluster year; not much going its way as was expected by many. By the standards set at the end of 2017, this year has been somewhat a disappointment. As much as that is the case, it hasn’t been all doom and gloom for the leading cryptocurrency. In summary and no particular order, here are the best and worst things that happened to Bitcoin (BTC) in the last five months of 2018.
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The best of Bitcoin in 2018
Bitcoin Price rises by 33% in April
This one has to be at the top because one of the hallmarks of Bitcoin in 2018 has been its price decline. However, the top crypto had a remarkable April, rising by 33% between April 1 and May 1, 2018. According to data from CoinMarketCap, BTC rose from $6,926 to $9,244, making this the best month so far for Bitcoin.
Wall Street nod to Bitcoin
Though not in troves, the idea that Wall Street could be warming up to Bitcoin was strengthened by revelations in early May that New York Stock Exchange would allow its customers to buy Bitcoin. The reports appeared in the New York Times and came after Goldman Sachs confirmed that they would be open to Bitcoin futures in Q2 2018.
Bitcoin mining milestone: 17 million BTC
As of April 26th, Bitcoin hit a round million mark for the first time since November 2016. Data from Blockchain.info indicated that the figure would be reached somewhere on this day. It’s an important milestone, meaning only 4 million are yet to be mined (21m will be mined by the year 2140
Bitcoin Reached Scaling Milestone with SegWit
Bitcoin’s upgrade with Segregated Witness or SegWit reached a major scaling milestone in February. The upgrade that was first released in August 2017 helped the crypto to speed up its transactions by taking some of the transaction process off-chain. This helped to lower costs that reached a peak of $55 in December 2017. That figure came down to about $2 by then
Dutch Court rules on Bitcoin
A Dutch court classified BTC “a transferable value” after a claimant filed a case for being owed 0.591 BTC. The court’s decision was welcome news for Bitcoin as other organs around the world held a different view. The court declared that Bitcoins had value and qualified as a property right.
The worst of Bitcoin in 2018
Bitcoin price falls by over 50%
So far it has all been about Bitcoin’s tanking prices. After reaching a new high at $17,000 in January, BTC prices have dropped to lows of $6,500 in April. Though the price did rally a bit in that month, the decline has picked up once more and it could hit similar lows this coming June. The falling prices were majorly affected by news of regulatory crackdowns.
First, it was Binance that was cautioned and later forced to move its services by the Japanese Financial Services Authority (JFSA). Then later the investigations against Upbit, one of South Korea’s largest crypto exchanges also sent sentiment south. These happened in March and early May. Worse still, a predicted rally failed to materialize at the end of Consensus 2018. However, Tom Lee, the proponent maintains that BTC will reach $25,000 in 2018.
Bitcoin Price Manipulation
The Department of Justice (DOJ) and the CFTC commenced criminal investigations into possible price manipulation involving Bitcoin traders. In yet another of the Maydays, Bitcoin prices swayed following the reports, which said that, the DoJ and the US Commodities Futures Trading Commission (CFTC) was to look into possible Bitcoin price manipulation. It is one of the bad things to happen in 2018 to Bitcoin. If proven, it could be counteractive to efforts at getting back to bullishness in the short term.
Bitcoin and cryptocurrency ban
In 2018, Bitcoin and the larger crypto industry suffered a big blow when leading ad company Google, to social media platform Facebook, and Twitter all announced banning of crypto-related ads. It affected the market, especially for the initial coin offerings (ICOs). Bitcoin prices fell at the news in late January and much of February.
Tokyo Whale Dumps BTC during Bloodbath
One of the worst things to happen to Bitcoin was the actions of Nobuaki Kobayashi. He’s the Mt Gox trustee who moved 16,000 BTC in January sparking off price speculation and a sell-off. He did it again in April, liquidating 8,000 BTC from the now-defunct crypto exchange. The negativity surrounding the manner in which it was done affected Bitcoin investors a great deal.
Conclusion: There’s so much to have happened to Bitcoin (BTC) in 2018. However, with more than half of the year to go, expect much more, whether good or downright worse.
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