What media outlets are promoting the demise of Bitcoin?
Mass media outlets like CNBC, Cheddar, Bloomberg kept promoting the major loss in value and calling it the demise of bitcoin and that it truly was a bubble. 4. During the time, Initial coin offerings were also a major cause for the rise of cryptocurrencies as well as its demise.
When did the cryptocrash?
In early 2018, the cryptocurrencys started crashing. Bitcoin hit an astronomical all-time high of 19,000+ in USD, and that made it seem as if the sky wasn’t the limit, but the moon was. The market cap of the entire crypto market surpassed 800 billion dollars worldwide.
Is Bitcoin a bubble?
While Bitcoin was rising in value, many news outlets and journalist were comparing it to the tulips mania. They called Bitcoin a bubble. They were inciting fear into all the retail investors. People with major profit margins started selling and created pressure amongst everyone.
What is market cycle?
Market cycles are common occurrences in many fields, real estate, stocks, you name it. Crypto being youngest of them all had experienced the biggest euphoria stage. According to the wall street cheat sheet on market cycles, the fall in value was imminent; everything that goes up must come down.
Is an ICO a scam?
ICO’s were promoted as a quick 10x on your money ; some bad actors took advantage of this and created a few scams. A recent study from the Statis Group revealed that 80% of ICO’s were scams. People were afraid of this as well and completely shifted away from buying into an ICO.
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