Blow To Bitcoin As World’s Largest Cryptocurrency IPO Is Iced

Bitcoin, trapped in a more than year-long bear market, has lost some 80% in value over the last 15 months and caused many of those in the nascent industry to change or postpone their bitcoin and cryptocurrency plans.

The bitcoin price, after rocketing to an eye-watering near $20,000, fell back to around $4,000 late last year—where it has remained since the beginning of 2019.

Now, the long-awaited blockbuster initial public offering (IPO) of major bitcoin and cryptocurrency miner Bitmain Technologies appears to have been put on ice, causing consternation amongst the burgeoning cryptocurrency industry.

bitcoin, bitcoin price, image
Bitcoin’s rapid rise and subsequent price collapse resulted in some companies having to rethink their short-term strategies. GETTY

China’s bitcoin mining giant Bitmain Technologies this week appeared to abandon its IPO ambitions after it allowed its Hong Kong stock market proposal listing to lapse—some six months after Bitmain filed an IPO prospectus.

Bitmain did, however, say it plans to reapply “at an appropriate time in the future.” ..Read More..

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