Excerpt from NBC News quoting DataTrek’s Nick Colas:
….. “Government regulations also weighed on the currency. In January, Bitcoin prices plunged 19 percent when South Korea’s finance minister said the country was considering shutting down virtual currency exchanges. In March, the currency fell below $10,000 after the Securities and Exchange Commission announced the requirement that digital asset exchanges must register with the agency.
“The incremental regulation snapped energy from the whole cryptocurrency space,” DataTrek Research analyst Nick Colas said. “There was an expectation that we have this new technology and we have a new financial ecosystem. And regulators said not so fast.”
Bitcoin never regained its highs. It spent most of the rest of the year trading between $6,000 and $9,000. Then in late November, the bottom fell out, as Bitcoin’s price plummeted below $6,000“…..
Read the full article here on NBC News!