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Merry Christmas Mr Bitcoin

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December 24, 2017 | 

Joanna Newman |  0 Comments| 

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Bitcoin after experiencing a spectacular outbreak throughout the month of November and early December, has fallen sharply.

Bitcoin started the year 2017 at a price of $1000. In November the cryptocurrency had risen to $5000. Then it climbed steeply reaching the $20,000 on December 18th.


Bitcoin undergoes a correction?


Many wonder about this sudden drop.

Some think it is a real crash, others talk about transient correction.

It is true that this currency escapes traditional monetary analyzes.

(This is a decentralized currency, which is not issued by a central bank, but created by "miners" through computers, through complex algorithms.)

But already during his dizzying ascent, the governor of the Bank of Japan, Haruhiko Kuroda, spoke of "abnormal" push.

Yet, in recent weeks, the news about Bitcoin was pretty good: cryptocurrency was gaining legitimacy by being introduced to CBOE and GCE for futures contracts. And the banking giant Goldman Sachs was talking about getting into cryptocurrency trading.

But suddenly, Wednesday, a South Korean exchange platform was being hacked and rumors were running about rivalries between minors.

Can we be optimistic about the future of Bitcoin?


Nevertheless, Neil Wilson of London-based ETX Capital remains optimistic: "It seems like it's time for investors to take their profits and spend them for Christmas," he notes simply.

Of course, it's hard to buy Christmas gifts or turkey in Bitcoin (although more and more countries are recognizing Bitcoin as a legal means of payment.) As a result, Bitcoins need to be converted into currency for cash. make purchases, which is probably the fall of the course.

Alexandre Baradez, an analyst for IG France, points out that Bitcoin is a very small market and that a big investor sells for the price to fall.

Other experts, for their part, are waiting to see if the Bitcoin bounced or if it is preferred other cryptocurrencies.

It must be said that there are now more than 1300 cryptocurrencies and they even have their indicator like the Dow Jones.

It was developed by Crypto Asset Management and is called CamCrypto 30 index. It concerns the 30 most important virtual currencies.

So good Christmas for cryptocurrencies ?

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