The world largest digital currency Bitcoin, is imprisoned in a bear market for more than a year, and it has suffered a lost its 80% of worth in the last 15 months and it created lots of those in the developing firm to alter or delay their bitcoin and digital currency schemes.
The price of Bitcoin, after having high jump to roughly $20,000, and dived down to around $4,000 in 2018, and it’s kept still position at this value since the start of this year 2019. The most awaiting initial public offerings (IPO) of largest crypto Bitcoin miner Bitmain Technologies seems to have been iced, creating consternation between the burgeoning digital currency firms.
On Tuesday the Bitmain technologies stated it has provided its IPO application to failure, it happened only after six months of filing it in September and expecting to gain around $3 billion, as per the Bloomberg News. Under Hong Kong’s registering rules, applications have been ceased after the half a year filing.
The China-based firm stated, “We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value.”
“The bear market at the end of 2018 brought both challenges and opportunities that Bitmain will work hard at addressing in 2019, and further adding it would re-open the application “at an appropriate time in the future.”
Bitmain has published a total loss of $395 million in for the 2018’s second quarter, in the meantime, there were reports that the firm spent $500 million on failed chips in the last 18 months. The prices of Bitcoin has been trending flat for months now, the bold bitcoin surging bull has pursued to make conversation about bitcoin and cryptocurrency expectation. The founder and chief executive of crypto asset manager Galaxy Digital Mike Novogratz stating the further move bitcoin create will be “higher.”
The bitcoin is presently confined in a long-period bear market, with $400 billion in price cleaned from the global’s digital currencies over the last 14 months. Most bitcoin investors and traders are though looking for things like the “increasing-considering Bakkt bitcoin platform” and a U.S. bitcoin exchange-traded fund (ETF) to uplift the prices.