Bitcoin has taken yet another hit. Its price tumbled below $6,500 in just a matter of days. While in December, 2017, Bitcoin was trading above $19,500 per coin on the largest exchanges in the world, that quickly changed and now, for a second time, the “people’s currency” is taking a cut of almost 50% of its value from what it previously was.
One of the reasons for the meltdown is undoubtedly the crackdown of the South Korean cryptocurrency exchange called Coinrail, where a massive obliteration of cryptocurrencies took place and a huge amount of digital assets was stolen.
In addition to this most recent news, regulatory issues and apprehension are slowly building up as to how viable Bitcoin will be in the future. Right now, major cryptocurrency exchanges and wallets, such as Coinbase, are trying to build a steady client base with complaint products so that there is a long-term benefit for all parties, it seems.
Despite Bitcoin’s meltdown, however, there might be some positive news to come. One positive factor that will definitely play to Bitcoin’s rising price may be the fact that transaction fees are much lower than they were several months ago. More and more merchants around the world have started accepting Bitcoin as payment, so the idea of Bitcoin being a “store-of-value” crypto, and not a “transaction-value” crypto is sliding away. Bitcoin can actually be both.
The most positive news, however, for Bitcoin seems to be the rising interest that some of the largest trading exchanges are showing towards cryptocurrencies, and, in particular, Bitcoin. Both Intercontinental Exchange and Nasdaq are currently considering different options as to what cryptocurrency products to offer to their clients. What is more, Nasdaq is considering launching cryptocurrency futures, following in the footsteps of CBOE and CME Group.
While there are lots of regulatory risk and uncertainty in the cryptocurrency market, Bitcoin’s future seems brighter now, as fees are lower and confidence is growing that more and more international exchanges will be looking into developing crypto futures, products etc.