In just one day, Bitcoin loses its value below $10,000 and is declining continuously. We are not sure that this will go on but the latest numbers tell us the story. It was a high time in December for Bitcoin which made it reach above $19000 and everyone was thinking that it’s good to invest in it although it’s just a balloon which expands and contracts.
Recently, everyone started to build their own mining systems and companies like MainGear introduced theirs to get into the market. Samsung also announced that they are producing ASCI chips dedicated to mining but in the last 24 hours, all the major cryptocurrency saw a drop in their rates especially the Bitcoin which is now around $8500.
There are some factors which may have lead to the decline but there aren’t any clear reports on this except the two clear reports: One from Facebook and one from India.
Facebook on 31st Jan announced that it won’t allow deceptive advertisements on Facebook such as cryptocurrencies which is, of course, a big news in itself and might have affected Bitcoin directly or indirectly. The second news is from India. Finance Minister Arun Jaitley in Union Budget 2018 announced that it won’t consider Cryptocurrency as a legal currency for payment systems.
While there are confusions going around in that statement because he mentioned that Indian Government won’t allow the cryptocurrency in illegal activities however if we read the statement correctly it’s also for legal activities.
The statement “The government does not consider crypto-currencies as legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” has a “AND” between the two statements which is proving itself that government won’t consider these crypto-currencies legal at all and if someone would want to use them in illegitimate activities, they will try to stop this by applying different measures.
Let’s watch how it goes in the following days and will it be the days for gamers again? We hope it goes like so.