Bitcoin Continues to Sink in December

Bitcoin has had a rough year in 2018 and saw a massive 37% drop just in November.

December just kicked off with trading and the cryptocurrency continued to drop to a low of $3,790.96 on Monday according to data from CoinDesk.

Comparing this price to December of 2017 is pretty depressing considering that last December Bitcoin nearly hit $20,000.

Since the year started, bitcoin is now down 73% since the start of January.

“Enthusiasts may have looked at bitcoin’s ability to hold above $6,000 as a sign of a market bottoming, but the warning signs were there each time it failed to make a new high on a rebound—most notably in March, May, July and even September,” wrote Craig Erlam, a senior market analyst at Oanda last month.

“It’s always difficult to say where the market could stabilize again in such a wild market, but $3,000 looks an interesting level. This time last year, the sky was the limit for bitcoin and all the altcoins that piggybacked a ride, this year the ground below is looking very unsteady,” he added.

CNBC, Paul Donovan, Chief Economist of UBS Global Wealth Management, has said that it is time to discard digital currencies, as they were “nearing the end of the road.”

He said, “Right from the start of the hike in late last year, it was fairly obvious that this was going to end badly, unfortunately, for some of the people who weren’t protected by any kind of regulation and got sucked into the process.”