Bitcoin and other altcoins have lost over 80% of their value in 2018, making it one of the largest bearish market in the world of Cryptocurrency. Not only traders felt the shake, but even startups had to adjust to the current market conditions. For example, Bitmain, also known as one of the largest hardware manufacturers for digital currency mining – decided to close its development center in Israel.
The center’s head and Vice President addressed his employees by stating:
“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
Also, one month ago, information has been circulating that many bitcoin miners in China were shutting down due to the reduced hash rate.
This means Bitcoin miners were no longer making any profits due to low bitcoin prices and increased electricity tariffs. It was reported that many miners were moved to the Bitcoin Cash network while others had to sell their miner equipment at huge losses.
Therefore, 2018 was definitely one of the toughest years for the world of Cryptocurrency. However, there were also major optimistic signs, such as the increase in the number of blockchain wallets and major technical development.
You will learn more about the positive developments and major news and activities in the below infographic. It will brief and explain to you a full round-up on everything about cryptocurrency in 2018.