All cryptocurrencies experienced a drop in 2018, after soaring prices in the year before. As of January 1st, 2019, the price of one Bitcoin (BTC) was worth a mere $3,700, in sharp contrast to its peak of $19,665 on December 16th, 2018.
Multiple reports indicate that with the falling price of cryptocurrencies, investors have been selling cryptocurrencies and mining machines, while some sold their Bitcoin stakes at steep losses at the end of 2018.
In 2018, as the price of BTC dropped, many investors have abandoned the once-hyped market. According to an investor on remitano.com, several BTC holders sold their Bitcoins to cut their losses.
Another Bitcoin miner in Ho Chi Minh City revealed that with the current price of BTC, investors cannot expect profit from Bitcoin mining to even cover their own electricity bills.
Investors that faced the biggest losses are those who invested heavily into Initial Coin Offerings (ICOs) of unreliable firms on the market. In one grim example, 40 investors of Brave New Coin (BNC) and BeaoCoin (BEC) issued by BNI Group had lost over $2 billion in the two cryptocurrencies, as no transactions have occurred in the last six months. Another group of 400 investors named iLuck, which specializes in investing in cryptocurrencies issued by foreign firms, also lost their investments.
In April of 2018, thousands of people called out the firm Modern Tech for tricking investors into appropriating VND15 trillion. Thousands of investors were lured into making investments in iFan and Pincoin, due to the projected interest rate of up to 576 percent.
Over the past few years, the State Bank of Vietnam has made multiple statements that the country does not accept cryptocurrencies as legal tender. It has also affirmed that the state bans the issuance, distribution, and use of cryptocurrencies as payment in the country.
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