Regulatory scrutiny, market structure — bitcoin has become boring
Online searches for ‘bitcoin’ fell 82% in December, and the number of bitcoin transactions is off 60% from its record
Portland — Suddenly, bitcoin seems a bit boring. It might be hard to believe, but after the 1,400% rally of 2017, with wild swings along the way, the great crypto-craze has cooled, at least for now. For the past month, bitcoin’s price has stalled between $8,000 and $11,300 — a minuscule range by its standards. And internet searches for "bitcoin" have plunged, suggesting public interest has, too. "The general public is now realising that this is not a risk-free, get-rich-quick, investment opportunity and general interest has since diminished," said Lucas Nuzzi, a senior analyst at Digital Asset Research. The 2018 lull shows just how quickly investment fads can come and go. Gone, for now, are the days when bitcoin dominated talk at holiday tables. Stories lately look a lot like the ones in the back sections of financial papers — dry accounts of regulatory scrutiny, market structure and legal wrangling. Online searches for "bitcoin" fell 82% from December highs, according to Google Tre...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.