Bitcoin's bear year has had better days, with the token's price down more than 8% and currently sitting at $3,989.94 on cryptocurrency exchange Bitstamp. According to an article published in The Week on November 26, 2018, the adoption of proper regulation would help the cryptocurrency recover from the prolonged Black Friday.
Herbert Sim, chief commercial officer of Singapore-based cryptocurrency exchange Cryptology, argues that the market will recover if the government puts in place the appropriate regulatory framework.
Regulators need to implement uniform standards to remove the weeds from the cryptocurrency market, so that the market can move forward and investors can transact with peace of mind. As soon as the cryptocurrency is legalized by regulators, it will move to a new level of development.
Cryptocurrency developers have also laid down their tools and are waiting for prices to rise. According to Diar, miners require between 30 and 45 percent of gross profits to remain operational on the network.
Although they typically earn an average gross margin of 56 percent, with the recent decline in the value of Bitcoin, margins fell to 39 percent last week, forcing a huge number of miners to shut down their equipment.
According to btcmanager.com
You May Also Like
The Central Bank of China has introduced a ban on all crypto transactions
The People's Bank of China has imposed a ban on all cryptocurrency transactions.
Russia legalizes cryptocurrency to circumvent US sanctions
Russia plans to respond to international sanctions by legalizing cryptocurrencies. According to the authorities, Bitcoin will become an important tool in the confrontation between the United States and Russia.
