Bitcoin, the Dark Knight, is losing the race against itself. Just six weeks after Bitcoin hit a record high of $19,511 in December last year, it tumbled to around $6K in February 2018. Amid the cryptocurrency slowdown, as many as 800 cryptocurrencies/tokens have gone down to be worth next to nothing.
Is ‘the Bitcoin bubble’, which Nobel laureate (Economics) Robert Shiller recently termed a perfect example of “faddish human behaviour”, finally bursting?
While the US and EU agencies busted some of the biggest dark web and LSD rackets trading in cryptocurrencies, the US House of Commons has enacted a bill to help prevent their illicit use.
For cryptocurrency enthusiasts, such developments are now part of their everyday lives. A dark web vendor who claimed to have traded Bitcoins in bulk back in 2017, had told Inc42, “Our group left the dark web last year because we knew it was coming. Bitcoin gonna lose its charm!”
On the US agencies seizing cryptocurrencies from dark web vendors, he said, “This happens if you merge both the worlds together, which many of them did by messaging and advertising through Telegram and WhatsApp groups. Earlier, we didn’t need that.”
On the current scenario, he said, “We didn’t lose a Bitcoin to gain a Bitcoin. It’s happening now. The advertisement is costlier than the gain. Precisely the reason I left.”
Meanwhile, in some good news for crypto enthusiasts, Facebook has reversed its ban on cryptocurrency ads, providing a huge relief to cryptocurrency companies.