Bitcoin fell by more than 80% in the past twelve months. The overly impressive bull run of 2017, which led the digital currency value to the peak of $20,000, followed a whole bearish year whereby the price crashed to lows near $3,000. Lack of institutional investors and strict regulations, analysts believed, was one of the primary reasons behind the bitcoin crash.
Bulls hoped 2019 to be a year of bitcoin correction when some of the biggest financial companies announced products for its market. Fidelity, a $2.5 trillion worth asset management firm, for instance, launched bitcoin custodian and trading services. Goldman Sachs, a banking giant, also confirmed that it would begin bitcoin futures trading.