Bitcoin (BTC) Enters Year-End Slump with Slide under $3,700

[Ozark]

Another flash crash wiped out around $100 from BTC prices, which entered a range that seems suggestive of further drops.

Bitcoin (BTC) went through another relatively minor shakedown, losing $100 in one fell swoop to drop toward the $3,600 range. This time, however, the flash crash renewed fears of a further price drop and new lows in 2019, with some holding on to predictions of a descent to the $2,000 level.

The end of December 2018 is quite different from that of a year ago. However, BTC prices had already started to unravel by December 28, 2017. The daily peak on this day a year ago was $15,888, significantly below the December 17 high of $20,089.00. The BTC price remains extremely volatile.

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In the past year, BTC trading has seen many shifts as speculation moved to different exchanges. While speculation on the Asian markets propped up the prices at one point, the importance of Tether (USDT) drove growth later on. US dollar investments fluctuated throughout the year but remain relatively low.

Toward the end of the year, Bitmex futures trading commanded the market. Additionally, the launch of CME futures was seen as one of the triggers for the falling price. However, Bitcoin was also weighed down by the immense losses of retail investors, for some of whom the overheated crypto markets were a massive personal finance risk.

At the same time, BTC remains the settlement digital currency for continued trading in altcoins, which means the asset cannot be presumed totally and completely “dead.” BTC may retain its importance for the crypto space while losing positions in the world of traditional finance. A Bitcoin exchange-traded fund (ETF) may be proposed again in 2019, but approval and adoption remain in doubt, especially after a general decline in the appeal of ETF investments.

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For now, January predictions are even more pessimistic as traders return from a short holiday break. BTC has shown that sell-offs are still possible, and right now, the asset is in a relatively dormant period, with volumes sliding back below the equivalent of $5 billion in 24 hours. Sell-offs expand volumes significantly, and most of the selling happens against Tether.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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