That Drop!
Just when you thought it couldn’t go lower, the price of Bitcoin, and the whole market in general, plunged this week after a long period of general stability, wiping out $27 billion of market value. Bitcoin Cash is doing a hard fork, which is one major cause here. The market crashed while analyst after analyst pontificated on what the bottom of BTC will be, and even crypto bulls are cutting their Bitcoin price targets.
And yes, this drop has brought us to the lowest price of Bitcoin this year…so far. This is a radical reversal of the bygone days of 2017 when almost everyone was shilling one ICO or another. It was predicted a year ago that Bitcoin’s price would no longer become the standard and bellwether for the market, after ICOs took off — unfortunately, that never happened.
On the ICO side, with over $30 billion invested, most ICOs have nothing to show for it. While there have been some exceptions such as Binance Coin, we’ve seen most ICOs just be a vehicle for speculation, scamming, or something still in the works and to be determined. This obviously does not mean that most ICOs are scams. Rather, it will be a long, long time before we will see many positive results, as these ICOs either actually launch or fall into the realm of failure to launch. Does this cloud (not the smoke clouds around the Bay Area) have a silver lining? We have an answer — over at Reddit.
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