Is Bitthumb A Prime Example Of The End Of Bitcoin?

As I write this, Bitcoin is losing the ground beneath its feet and there is growing pessimism about the future of cryptocurrencies.

There are some enthusiasts that believe that the Bitcoin bubble has already burst and they seem to expect the price of the leading cryptocurrency to go one of two ways. Either it could surge up to its all-time highs or it could drop further below its current predicament.

The price of Bitcoin was once at $20,000 but since then the leading cryptocurrency plummeted to lows of less than $3,500.

Once one of the biggest cryptocurrency exchanges in the world, Bithumb used to symbolise the Bitcoin craze of late 2017 but now it has recently shut down its branch in central Seoul.

An official from Bithumb said last week that the cryptocurrency exchange implemented the Gwanghwamun branch with its base branch in Gangnam Seoul to cope with the huge customer demand in a more efficient way.

With the decision, it spotted working at the Gwanghawamun branch on 11th January and relocated its two workers to the Gangnam branch. This leaves the crypto exchange operating in three locations, Seoul, Daejeon and Busan.

The official from Bithumb said that "the daily trading volume has now diminished to nearly one 30th compared to its heyday in December 2017. Now, there are not many new investors entering the crypto market. We have decided to integrate the two branches into one to improve efficiency."

Bitcoin isn’t the only one to suffer such losses as the other two top three cryptocurrencies, XRP and Ethereum also suffered 90 percent declines in coin prices in comparison to their one time highs.

The US Federal Reserve Bank of St. Louis has said in a recent research note that too many more cryptocurrencies came about when Bitcoin was starting to take off. In fact, right now there are more than 3,000 digital currencies in the market.

One investor has said that many like him have lost their confidence in the coin prices for cryptocurrencies adding, "there is no doubt cryptocurrencies won't enjoy a 2017 December rally. Not many investors in Korea now consider them as an investment source. Prices will remain at current levels."

What are your thoughts? Let us know what you think down below in the comments!