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Message: <blockquote data-quote="Coralin96" data-source="post: 1550" data-attributes="member: 15">The fall of BitcoinThe story:Since the beginning of 2018, the value of cryptocurrencies has been in a sharp decline. In January, the market capitalisation of cryptocurrencies was $800bn, but it has now fallen to $200bn, demonstrating a loss of market confidence in the digital currency.Impact on business and law firms:Investors have been drawn to cryptocurrencies and in particular, Bitcoin, which is the original and most valuable cryptocurrency. Advocates of the digital currency have said it will lead to a major financial revolution, as cryptocurrencies are not controlled by a company or government. The technology behind these cryptocurrencies, called blockchain allows financial trades to be quicker, at lower fees, and to be more widely available. They believe it will, one day, become the main form of currency.The soaring price has led to a lot of startups raising money. Investors believing in the potential of the digital currency have invested in initial coin offerings, an unregulated way to raise money through cryptocurrencies, which has raised billions. Derivatives contracts have also been introduced recently, allowing investors to bet on the fall of the price of bitcoin, for the first time. But people have been caught in the hype. That hype was unsustainable, pushing the prices higher and higher. Now, the hype has cooled. Cryptocurrencies haven't found much hope from US regulators, as they seek to open an exchange to trade bitcoin. Other countries, such as China, has banned initial coin offerings.For law firms, this is an uncertain area as cryptocurrencies aren't regulated. Initial coin offerings lack the protection of laws that regulate companies when they want to raise money in the public markets. Start-ups looking to use blockchain technologies will need lawyers to make sure they don't fall foul of securities laws.Law firms should still keep up to date with the state of cryptocurrencies. While cryptocurrencies may not have lived up to the hype, they could still enter the mainstream market.Further informationHere's one of the best explanations I've read of cryptocurrencies: <a href="https://medium.freecodecamp.org/explain-bitcoin-like-im-five-73b4257ac833" target="_blank">https://medium.freecodecamp.org/explain-bitcoin-like-im-five-73b4257ac833</a></blockquote>

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