Cryptocurrency in 2018
If you are among those who decided to invest in Cryptocurrency during the beginning of 2018, you are probably looking for the pastor who told you that was your year. Last year saw several failings as it went through a bear market.
Despite making some improvements here and there, Crypto 2018 had its fair share of challenges as well. Most of these problems occurred during the last quarter of the year.
Some of the best fails in 2018 include the ones listed below.
Biggest Crypto Fails Recorded in 2018
a) Instability of the Bitcoin during the final weeks
After endless reports about how Bitcoin had become stable for a period of about two years, the worst happened. Just when people were starting to believe, their dearest cryptocurrency started going down. At first, it dropped to the five thousand dollar range. After a while, it went to four thousand dollars.
At the moment, a coin is trading at $3,400. That is what father Xmas brought us in December. Any person who has offered a custom research paper service PapersOwl regarding Bitcoin is well aware of the flaws it has been experiencing.
Some experts have pointed out that the range might go down to $1000 in the coming months. It may, however, recover after the thunderous drop.
b) Theft Case Amounting to One Billion
There were reports from Group-IB, a cybersecurity firm in Moscow, about stolen crypto funds. According to the report, traders and investors had lost their funds filched from them over two years. A large part was, however, stolen in 2018.
There have been several theft cases over the past few years. For instance, investors have lost about five hundred million dollars of their initial coin offerings. To indicate the seriousness of the matter, the Securities and Exchange Commission (SEC) has gone ahead to call for certain registration processes and severe punishments to those that default.
c) Hacking in Korea
Crypto experienced hacks from different parts of the globe in the previous year. Nonetheless, Korea was the main culprit. The nation masterminded two hacks that saw a total of seventy-one million dollars disappear from Bithumb and Coinrail. Nevertheless, there were some rumors that Korea was being victimized.
d) Coincheeck Hack
Things started to look dim for cryptocurrency at the beginning of the year. Just when we entered into 2018, the Coincheck hack occurred causing a total loss of five hundred million dollars’ worth of crypto. The theft surpassed the Mt. Gox hack which had been carried out earlier.
The incident took place during the first days of January. It was hard to believe that such a large amount would disappear in one night. Most people were very angry with the company insisting that they had done little to prevent such an attack.
e) The Tether Report by John Griffin
Unlike most of the cases, the report had nothing to do with theft or cyber-attacks. It was all about bitcoin’s disenchantment. According to the writing by John Griffin, a finance professor from the University of Texas, bitcoin was manipulating their price shoots.
In 2017, the price of bitcoin was very high and was consistently shooting. However, the report explained that this was a big manipulation. Instead of going up, the prices were falling. The currency was being purchased using tether after every drop so that the value could go back to the point it was earlier.
After its introduction, so many people were excited with Cryptocurrency. For most individuals, it was the next big thing. However, it all started to change when 2018 dawned. The currency experienced several hitches that changed a lot of minds. Any essay online against the currency discourages people from venturing into the idea.
At the moment, investing in cryptocurrency seems like a wrong financial move. With the way things are going, people who have already spent in the currency are likely to experience more losses. It would be wise to wait until it becomes more stable. Then and only then should you invest.
This author could be anybody, but he/she is not a member of staff coingape.com and opinions in the article are solely of the guest writer and do not reflect Coingape’s view.