2018-11-22 20:05 |
Bitcoin Investors Paid Top Dollar For The Highest Point Of Bitcoin Before Fast Drop Last Year
Bitcoin has been plummeting recently. Between the hard fork and the continued aggression of the SEC, the cryptocurrency world has been taking a beating, which is making some publications reflect on the patterns of last year as well. Bloomberg reported on the way that Bitcoin investors were abruptly surprised as the market fell last year.
In the report, company specifically brings attention to the Grayscale Bitcoin Investment Trust. Last year on December 18th, which was the day before the Bitcoin crash started, many buyers decided to take their chances and invest, pushing the value up by 100%. The token was in the $20,000 range at that point, and the markup, according to Bloomberg, was “largely a result of scarcity value.” The purchase of the trust made it possible for institutional investors to become involved in crypto. This endeavor was made profitable by the fact that many investors were willing to pay for “the privilege on expectations that crypto-mania was just getting started.”
Now, with that date almost a year ago, it is clear that Bitcoin had hit a peak, at least for now. Presently, Bitcoin is tumbling down towards $4,000 instead, and the bets on where Bitcoin will be by the same date is getting worse each hour that passes. Ultimately, there is no way to see which investors held onto their tokens, but one thing is certain – the ones that stayed were easily the victims of an 87% loss to date.
The loss that Grayscale sustained may have brought in some crypto bargain hunters, but it still is not cheap. Presently, the net asset premium is still over 9%.
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