Bitcoin which was at about $1,000 at the year's start, had surged to a record high of $19,666 on Sunday in the lead up to exchange giant CME Group's launch of its bitcoin futures. It has since lost about a third of its value. The prices plunged to more than 30% after hitting the all time high of $19666 to meagre $13000
In November, it tumbled almost 30 percent in four days from $7,888 to $5,555. In September, it fell 40 percent from $4,979 to $2,972.
Bitcoin cash, ether and all major currencies failed down by atleast 30% before they have started showing indicators of trend reversals
back in 2015 the G7 was only concerned with the "appropriate regulation" of cryptocurrencies and not with the asset class potential of cryptocurrencies. Bitcoin, ether and zcash are nowhere to be found on the list of eligible instruments and currencies that central bankers are allowed to trade.
In 2018, things will be different. G7 central banks will start buying cryptocurrencies to bolster their foreign reserves.
@amrhawary its a interesting look out you have put forth. Need to agree with you. Its not far away to see g7 banks approach to crypto currencies
G7 countries hold massive reserves of each other's currencies as a foreign exchange reserves. Most of these countries also hold vast warehouses of gold reserves. Canada is the exception, as we recently liquidated all of our gold. G7 normally also hold special drawing rights (SDR) and marketable securities denominated in foreign currencies like government bonds, corporate bonds treasury bills, corporate equities and foreign currency loans.
long story short the values of G7 currencies are devaluing against crypto currencies. The SDR and G7 country currencies will be forced to alter their foreign reserve weightings and eventually include a basket of cryptos
Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.Congratulations! This post has been upvoted from the communal account, @minnowsupport, by maochitse from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP. Be sure to leave at least 50SP undelegated on your account.