The bitcoin price skyrocketed more than 700% in the last year. Many have doubted the longevity of the coin as an “ever increase parade” it seemed to be on, was something most market experts would term as “unrealistic”. Well, this occurrence has come as a shocker to both believers and non-believers of the currency.
Having witnessed an estimated 200% increase following the allay of the segwit saga, a sudden turnaround of events was never within perspective. The currency has suffered massive sell-offs amid news that major Chinese BTC exchange “BTCC” will stop to trade come september ending. Many speculate the Chinese government is launching a crackdown on exchanges leading most to believe the looming backlash on major exchanges ‘forced the hand of BTCC’.
In other news, Beijing decided to ban initial coin offerings, which are used to raise funds with new digital tokens.
Considering the variables in play, one can punctiliously state the suppression of the crypto currency is not far-fetched.
Asia has for a reasonable length of time been the major buyer of the currency causing the major plummet of the price as many holding the currency resulted to panic sell-offs. Although Asia cannot decide alone the fate of the currency, it indeed has a major role to play in its future.
However, some experts claim the currency would bounce back considering reasons best known to them.
We cannot but hope the future of the currency is not a bleak one! All we can do is “Just Watch Helplessly”.