By Tyler Durden | 23 March 2019
ZERO HEDGE — The great bitcoin bull market of 2017 wasn’t the first bubble in the pioneering digital currency’s brief lifespan, and it might not be the last, but to this day, these losses still hurt, and what’s worse, for many of those who had chosen to hold on, coins have been stolen or lost thanks to hackers and con artists, who for years operated with near-impunity (though this is finally beginning to change).
For these (and myriad other) reasons, attempts to legitimize bitcoin have largely floundered. Trading in bitcoin futures has fallen off a cliff, while the SEC has continued to resist the creation of a bitcoin-focused ETF. Perhaps the biggest disappointment of all was the Grayscale Bitcoin Trust, which allowed anyone with a brokerage account or IRA to gain exposure to bitcoin (but for a massive premium). During the crash, it delivered huge losses.
Yet, since the beginning of the year, desperate bulls have found some justification to keep hanging on. Over the past few months, the digital currency has slowly crept higher. A drumbeat of negative headlines, including one warning that the majority of bitcoin exchanges had likely turned a blind eye to suspicious activity, have had little impact. […]