Bitcoin: The Party Is Over
After the umpteenth hacking of a cryptocurrency platform in South Korea, Bitcoin continued its stall this week to the point of falling below the $ 6,000 mark. The peak of 19,000 dollars reached in mid-December 2017 seems a long way off.
How far will Bitcoin go? After a glowing 2017 end of year and a peak at $ 19,000, the queen of cryptocurrencies continues since the disappointments and cold showers. Last episode of the saga, the piracy on Wednesday of the South Korean cryptocurrency exchange platform called Bithumb (the sixth most active in the world according to the reference site coinmarketcap.com) which caused the "disappearance" of 35 billion wons, the equivalent of 27 billion euros. Grain to grind for all detractors of these digital currencies that gloss for many months on the security holes of these famous platforms that allow everyone to "mine" and exchange Bitcoin and other related currencies from his living room . In the meantime, Bithumb tried to "reassure" its users, arguing that it had stored "the assets of all customers in secure portfolios, which operate on platforms not directly connected to the Internet." A "raid" that is reminiscent of that suffered earlier this year by the Japanese platform Coincheck, victim of the biggest virtual robbery of history and who saw 430 million dollars of assets in NEMs (a cryptocurrency alternative to Bitcoin, editor's note) evaporate in nature.
"Larger platforms have focused more money in previous years. De facto, as the "reward" is now greater, hackers will multiply attacks and other raids ", we predicted, last January, Alexey Malanov, antimalware expert at Kaspersky Lab. And this sad prophecy has unfortunately come true; We can also mention the piracy, on June 11, of another South Korean platform, Coinrail. The list is unfortunately not exhaustive. And the consequences are also disastrous for the course of Bitcoin which has thus strongly won after the "hacking" of Bithumb on Wednesday. In addition to this punctual phenomenon, it seems that the "bitcoin hype" and this rush of individuals to these platforms are now behind us. "We reached a peak of interest from the general public in December 2017, which since then has been greatly reduced. When we look closely at the volumes or occurrences on the search engines, we see a very sharp inflection. More than a trend or trend, I would say that this "lesser interest" is the result of a natural correction of what was, at the end of 2017, a speculative bubble ", confirmed recently Tristan Colombet, Founder of DomRaider, one of the first companies to start a cryptocurrency fundraising campaign in France.
" Speculative bubble "
The fact remains that the queen of cryptocurrencies is going through difficult days, and even more so with the proliferation of attacks on one of its key markets, in this case South Korea. The weight of regulation also weighs on the price of Bitcoin, governments multiplying the attempts to frame cryptocurrencies, which has the effect of fueling the mistrust of defenders of the sector. But Tristan Colombet also invokes another explanation that could explain the lack of interest of the general public. "For a few months now, we have been in a regulatory sequence that attracts less light. For those, like us at DomRaider, who have already raised funds in cryptocurrency, we are in the time of development of uses. While the legislator has opened, for some months, the stage of reflection and regulation. Various themes that, obviously, do not really raise the crowds.
A regulatory "lull" that France could take advantage of to become one of the strongholds in the sector. "Indeed, France really has its card to play in this area. We have expertise and real skills on the subject. In addition, the legislator and the main authorities, especially the AMF (Autorité des Marchés Financiers), have a benevolent look and a real understanding of these subjects in order to help the sector and offer it the opportunity to truly count on the market ". France's "coat of arms" has been reworked by outside observers since Emmanuel Macron's arrival at the Elysee Palace, and the reforms initiated by the latter are significant assets in the eyes of the leader. "The PACTE law will accentuate this movement, which would allow France to be one of the first countries to have a formal regulatory framework authorized by the Autorité des Marchés Financiers. France would be at the forefront and act as a true "hub" throughout Europe. A golden opportunity for France.
THE SOURCE: Samir Hamladji, Journalist / Head of Politics-Economy-Finances