Marcello Minenna is the director of the quantitative analysis and financial innovation unit in Consob (Italian Companies and Exchange Commission), —Italian government’s authority responsible for regulating the Italian securities market — as well as an adjunct professor of stochastic finance at the London Graduate School of Mathematical Finance and at Luigi Bocconi University of Milan. He is an economic and financial columnist featured on leading Italian and international publications.
Sixteen months after from a peak value of $19,100, bitcoin is now hovering around $5,000. Despite its wide distance from the historical maximum, today’s price is good news for the market, as the recent rise could be the end of the collapse produced by the violent explosion of the digital currency bubble in 2018. From December 2017, the price of every digital asset has fallen, on average, 80%; for bitcoin, it has been the second collapse ever recorded, a violent fall even for an unconventional asset that has historically shown very marked boom-and-bust cycles. In 2011, the price declined by 93% — to $2 from a maximum of $39 — while in 2013, in just a few weeks, the price exploded to $1,151 to decline later to $177 over a 12-month period.
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