Bitcoin

Bitcoin and Crypto on Continuous Decline: Major Factors and Trends

JP Buntinx | May 27, 2018 | 2:54 pm
Bitcoin

Bitcoin and Crypto on Continuous Decline: Major Factors and Trends

JP Buntinx | May 27, 2018 | 2:54 pm

The year 2018 hasn’t been kind to the cryptocurrency and bitcoin industry. All markets are bleeding value for nearly five full months now. There are various factors which may contribute to this ongoing decline. Besides potential market manipulation, a few other trends are also worth taking into account.

The Negative Cryptocurrency Trends

Perhaps the most common trend comes in the form of technical analysis. While an interesting metric, it doesn’t always tell the entire story. Even so, a lot of industry experts swear by TA, and the outlook is not looking all that great. It seems no major changes should be expected, which means the price declines will carry on for some time to come. As is always the case, cryptocurrency price trends can change on a whim’s notice.

The overall interest in cryptocurrency jobs also seems to bottom out. Fewer companies have Bitcoin or other crypto-related job offerings. This is in stark contrast to the blockchain-oriented job openings, which do not suffer from this same decline. This seemingly further confirms the separation between blockchain and cryptocurrency is imminent. How that will play out exactly, is anybody’s guess at this point.

Additionally, the overall Google Search Trend for cryptocurrency has also taken a big dip. In late 2017, the global interest in cryptocurrency sparked all of a sudden. Given the price increases at that time, it was only normal. However, this year has been pretty different, and the Google Trends are following the price trend as of right now. Lower interest in cryptocurrency usually results in lower prices.

The Positive Trends in Cryptocurrency

Despite all of the negativity, not everything is doom and gloom. Overall interest in cryptocurrencies by financial institutions is on the rise. Ever since CBOE and CME begun offering Bitcoin futures, other service providers have been looking into this option as well. While no services have been officially launched, various banks mull launching a cryptocurrency trading desk.

Secondly, people are leaving Wall Street in favor of cryptocurrency ventures. This “exodus’ has become a lot more apparent over the past few months. People are leaving high positions to venture into cryptocurrency with no real guarantees. A remarkable decision, although an intriguing one. This further confirms Wall Street experts have high hopes for the cryptocurrency industry moving forward.

Last but not least, cryptocurrencies make a lot of positive headlines. Verge’s partnership with Pornhub got a lot of attention from the media. There’s also the Rumor about TRON creator Justin Sun buying BitTorrent Inc. Plus, Silicon Valley’s current season had paid a lot of attention to various aspects about cryptocurrency. All of this seems to hint at bigger and better things to come.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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