2018 was a year when the regulators put their weight on.
Bitcoin experienced hard turbulence over the years. Developments by both countries and businesses have led to a few sudden drops.
First of all, it is important to note that not all news of price movements are news. Nevertheless, the harmony between prices and news throughout 2018 is remarkable.
South Korea’s tough stance against crypto coins
In the second week of January and after Bitcoin’s fast-growing rally, investors thought that South Korea’s rigid regulations could change the course of the crypto money market . Bitcoin fell from $ 16,733 to $ 13,850 between January 7 and January 12. It was known that South Korea was investigating crypto coins. Then South Korea banned the crypto money trade to banks and the Bitcoin price went on diving.
The impact of South Korean news continued until late January. According to reports at the time, the Minister of Economy and Finance of South Korea said that the crypto money transactions are still a matter of debate and the activities related to the exchanges are discussed.
Worldwide worries and US regulations
Between January 28 and February 6, the price of the Bitcoin took a big hit. For the first time in 2018, it fell below $ 7,000. At the time, Bloomberg was told that US regulators could have taken over the crypto-money exchanges. In order to achieve this, negotiations were held with the SEC and the CFTC. Speculation, though, influenced the market.
By March, Bitcoin fell dramatically. The SEC’s statements made the Bitcoin price of $ 11,000 at a rate of $ 9,000. During the process, the SEC’s statements were that the stock exchanges should be in accordance with the established rules and would be supervised. As a result, it was announced that the crypto coins had to be registered with the SEC.
Goldman Sachs cancels OTC trading plans
In September, the multinational investment bank, Goldman Sachs, abandoned the OTC desk. Previously, it was said that the creation of OTC in Wall Street would be a great return. However, the news of Goldman Sach’s plan to abandon the plan was inevitable. The CFO of Goldman Sachs denied the news, but the damage was already given.
SEC announces penalties for ICOs
The price decline in the last month of the SEC or the BCH war was not known, but the SEC’s ICO decisions were just before the price changes. The SEC has punished a crippled money offer and has imposed some sanctions on crypto money for the first time in its history. According to the SEC’s statements, companies that were fined sent the funds back to their investors.
In general, Bitcoin’s fall cannot be attributed to a single cause. However, if we speak for this year and consider the price and the news, the developments in the regulations seem to have pulled the crypto money market down.