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Bitcoin’s Two-Month Drop

The beginning of this year was especially hard for the cryptocurrency market, because bitcoin and other cryptocurrencies were facing severe criticism. The world’s most popular cryptocurrency hit its lowest value in the past two months two days ago. According to CoinMarketCap, the current price of bitcoin is slightly below 8,500 dollars per coin.

There are a lot of reasons for the drop of bitcoin and other cryptocurrencies in the past couple of months. Most of them are related to regulatory tensions caused by different countries and their governments. With the huge growth of the popularity and value of the cryptocurrency ecosystem, the regulatory bodies have started paying more attention to it and have begun creating regulatory frames to control the cryptocurrency markets and companies related to the them.

After a few weeks of serious uncertainty in South Korea, the tightening of the cryptocurrency regulations in large economies such as China and India and sharp comments from some of the financial giants and world leaders on the Global Economic Forum in Davos contributed to the correction of the global cryptocurrency market.

The domination of bitcoin on the market is currently around 35%. However, the key members of the crypto community are trying to ease the fear, doubt and uncertainty. They believe the quality of the blockchain technology behind the cryptocurrencies and its revolutionary aspects will save them from market manipulation and governmental influences.

The founder of the Bitcoin Foundation, Charlie Shrem, posted some offensive tweets this week, while the price of bitcoin was going down to its lowest level in the last couple of months. Shrem said: “Bitcoin and other private and decentralized cryptocurrencies are the biggest innovation in my life. They are literally taking over the power and control of the money from the hands of the state and putting them in the hands of the people that use them.” He also severely criticized the latest ICO projects that “diluted our beautiful technology” and called them “the closed blockchains”. He also emphasized that anything that claims to be the blockchain technology and is controlled by a single center is actually not a blockchain.


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