Bitcoin’s price hits a six-months low, and exchanges executives consider 2020 a cryptocurrency year

Bitcoin’s price hits a six-months low

Today the price of the world’s first cryptocurrency dropped to the level of $6,590, which is the lowest since May this year. In a day bitcoin lost 4% of its value, and since December it became cheaper by 12%.

Charles Edwards, head of digital asset management at Capriole, says the reason for this is miner capitulation that has reached day 27. According to Edwards, miners switch off their equipment because at the current price bitcoin mining is not profitable, and sell-off the coins to support operational activities.

Executives of South-Korean crypto exchanges: 2020 will be a good year for cryptocurrencies

The next year will be good for cryptocurrencies, this is prediction from heads of such South Korean exchanges as Bithumb, Korbit and Hanbitco. Bithumb’s director Senil Mon thinks that institutional investors will come to the market:

“Based on internal research, global institutional investors included crypto assets in their portfolios in 2019 as a test and the results were satisfactory. In 2020, institutional investors will move beyond testing and will start to create new demand for crypto”, — Moon said.

Korbit head of business development Jung Seok-moon added that, alongside institutional investors, millennials will start investing in crypto assets.

Hanbitco COO Wonho Heo emphasized that South Korea has seen major improvements regarding regulation which created favorable conditions for business.