Bitcoin.. another drop or dip?

It seems like only yesterday that bitcoin hit the dizzy heights of almost $17,000 a coin. Roll on 6 months and you will know if you’ve been watching it Bitcoin is down another 8% this week continuing a trend of an almost 20% drop over the last month. The bitcoin price hit a low for 2018 of $5,825 causing analysts to draw comparisons to 2014 when Bitcoin experienced an 80% correction. Despite the drop though it seems confidence is still gathering for cryptocurrency as a whole. As I type bitcoin is currently sitting at $6167 USD/BTC which suggests the talk across the crypto world of bitcoin’s defence holding it to around $6k has traction. Of course speculation is wild all the time and you’d need to read a blog a minute to keep up. I’m guilty like many others of dipping in and out depending on my workload if I touch on some news I find I end up spending an inordinate amount of time, in fact sometimes it is overwhelming given the rate it comes through, trying to read and digest it all.

Hacking continues to be a major problem because no matter where or what it strikes those on the outer edges still doubting crypto’s stability and ability to change the currency world stay away and fear investing large amounts, naturally. Although not just a space for the bold entrepreneur many that are interested can be put off by the complicated routes through which purchase and exchange have to be actioned. Not only that the number of exchanges available and in some cases the limited coins you can trade is frustrating although in fairness it makes them a safer bet. The exchanges that throw caution to the wind and push any or all comers could find themselves spread too thinly and security at a stretch. For me the day it is a clearly marked path (maybe like this) particularly for the more stable coins etc then the more likely consumer (investor) confidence will grow, those intent on cashing in will drop away and crypto will begin to be taken more seriously by the wider world and not just those in on the ground floor. Stories like this don’t help either $13 billion were wiped out of major digital assets such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS although they do keep us all aware of the dangers and fluctuations but knowledge eventually is expected to draw institutional investors to the cryptocurrency markets.

According to online news Ethereum is down 11% this week despite a recent landmark SEC ruling that Ether does not constitute a security. The drop follows a pattern observed by analysts many times over the past year where altcoins mirror Bitcoin with more exaggerated moves. The entire coin market cap is down 13% this week following a precipitous drop by EOS this week. Analysts have blamed the fall on an overly bullish rally before the main net launch and recent criticism over EOS constitution and how centralized it is. What can be gleaned by anyone reading all these “news” items is that countries have agendas, China is particularly keen on EOS for example, and as such there is nothing yet certain in the crypto currency world …. except it is here to stay and those at the cutting edge are working hard to solve issues in terms of hacking and the future in terms of development.

But hey, that’s just my opinion.