On Friday, Bitcoin fell below $6,000. Brian Kelly, who is a bitcoin bull addressed the press saying that the popular cryptocurrency is not yet dead. Brian Kelly revealed that it was not again the funeral for bitcoin as many would have it. Kelly is the founder and CEO of company BKCM LLC. This is an organization that is majoring in digital currencies. Brian Kelly went on to explain as he brought facts to the table. He told the press that last year, the Bitcoin was around $2,500. Kelly revealed that combined issues like tax selloffs, $10 billion in funding in initial coin offering and several exchange hacks have caused the coin to fall in price.
Even with all these problems, investors may not yet be specified. In February, the coin fell below $6,000. However, in December 2017, the price of the coin was high. It was priced at around $19,500. This translated to a price decrease of more than 60%. Kelly regarded the dropping of the coin as painful. However, he confirmed that the drop is rare, it’s something that is unusual. He revealed that Cryptocurrencies are currently in a bear market. He, however, went on to report that open markets are unpredictable. No one is ever aware of where they end. It’s not a guarantee that the bitcoin can’t go lower. However, if it went lower than they anticipated, then that could be the actual funeral for the coin.
Kelly reported that the low for the Bitcoin might be a good thing for the cryptocurrency. Kelly went on to say that it’s not a surprise that the bitcoin industry is extremely unpredictable. Kelly revealed that when they declare the funeral for the coin and then things fall out of control, sentiment maybe approaching the lows. Multiple Bitcoin hacks reverse the success of the firm and also incur losses. For example, the recent hacking that was conducted on South Korea’s Bithumb has forced the regulators to instill changes. However, the South Korean company blamed North Korea for the hack. It was not yet proved that North Korea was responsible.
During a meeting that was held on Friday, a Japanese financial regulator urged all cryptocurrency exchanges to enhance their business conditions. This way, they will curb any future money laundering. In such businesses, security is vital. Kelly confirmed that the industry would be a bit tough than before as there was a restriction that was approved. The regulators said that they are putting the introduction of new accounts to a halt.