Bitcoin is down 8% this week continuing a trend of an almost 20% drop over the last month. Earlier today, the bitcoin price hit a low for 2018 of $5,825 causing analysts to draw comparisons to 2014 when Bitcoin experienced an 80% correction. Despite the precipitous drop, analysts have remained optimistic because Mt. Gox liquidation is over for 2018, and the impending launch of Coinbase custody which is expected to draw institutional investors to the cryptocurrency markets. (Forbes, 2018).
Regulation:
South Korea fears regulation will “legitimize market”– At a recent policy advisory meeting, the director of KFIU confirmed that the government delayed regulating cryptocurrencies for years because it would “legitimize” a market the government viewed as piece-meal.