Bitcoin has completed a sharp bullish trend through the year 2017. Price of BTC has jumped from $1k to $20k levels at the end of the year. That strong performance caused some of the bullish supporters of Bitcoin to mention their assumptions on the new records in 2018. But projections have failed, and BTC has been in bearish trend since the beginning of 2017.
BTC (Bitcoin) has been negatively affected by the ICO (Initial Coin Offering) projects
There are several reasons for the fallings, and they are generally more complicated than they are expected. Throughout the year 2017, Bitcoin and all other altcoins have been performed very well. They even multiplied their values. The reason behind the great collapse was the irrational and unrealistic speculations instead of the expected technological improvements and innovations.
ICOs has also started to announce new tokens in the crypto market. Those tokens should have either overperformed or become revolutionary in specific industries. But the performances of the ICOs were not satisfactory to reach both of the expectations.
Most of the ICO Teams had to sell their collected crypto funds in their portfolios to fight with the bearish market trend. BTC (Bitcoin) and ETH (Ethereum) were the two main cryptocurrencies which they purchased by the funds of the token sales. These sales have generated a strong selling pressure on the Bitcoin (BTC) and Ethereum (ETH). Besides most of the ICO projects were terminated due to the disappointment of the investors’ on their expectations.
ICO Market is over!
Michael Novogratz who is one of the most prominent characters of the crypto world has declared that the ICO market has almost been passed away! After the investigations of the SEC (U.S. Securities and Exchange Commission) over the “Paragon” and “Airfox” ICO projects, each of them has been paid a fine of $250k and returned the funds to the investors.
Two thousand nineteen will be a highly significant year for the Bitcoin. There will be critical developments which will have a substantial effect on the price of BTC. The first half of the year will be full of announcements. SEC will announce a decision on the approval of a Bitcoin ETF (Exchange-Traded Fund).
What is an ICO? | CNBC Explains
Also, the “Bakkt platform” will hit the marketplace for the corporate investors in the first month of 2019. “Bakkt” will maintain the trust of the corporations and traditional investors on the storing of their crypto market investments.
Last but not least, the ICO market will transform itself. Quality will become more important than quantity. They will focus on developing the working platforms completely before issuing a token to the investors. The companies which follow these critical points will succeed. The others will be completely disappeared!
