RATE Group | Bitcoin peaked one year ago: Here’s a look at 12 months of misery
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Bitcoin peaked one year ago: Here’s a look at 12 months of misery

17 Dec Bitcoin peaked one year ago: Here’s a look at 12 months of misery

Posted at 14:47h in Bitcoin News by

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Monday, December 17 marks one year since the price of bitcoin — the best-known cryptocurrency — hit an all-time high just shy of $20,000. For bulls who bought the hype, it’s been a long — and painful — ride down.

At the time, the digital currency was up more than 1,000% for 2017, both the CME Group and Cboe had just launched bitcoin futures contracts, and everyone seemed to be making money as talk about the previously obscure crypto market made its way into the mainstream media.

In retrospect, it appeared all too easy: Bitcoin rose 11 of the 12 weeks leading up to the Dec. 17 peak and logged gains in eight of the last nine months in 2017. Day traders were millionaires, analysts were predicting further drastic price increases and investors jumped on what looked like an endless gravy train.

According to Crypto Fund Research, 85 crypto-related funds launched in the first three months of 2018, and at January 1 2018, there was $5.8bn of assets under management in the crypto hedge…

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