Bitcoin stumbles below $4,000 in sudden overnight drop

A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app.

Guillaume Payen | LightRocket | Getty Images

A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app.

Bitcoin’s struggles are continuing into 2019.

Bitcoin and other cryptocurrencies have failed to recover to their peaks reached around this time last year. The retail mania has certainly worn off as the entire market capitalization has dropped 85 percent in a year, according to Coinmarketcap.com.

Investors had been awaiting more institutional adoption this year, and the launch of a series of bitcoin futures. Both the Intercontinental Exchange, or ICE (parent company of the New York Stock Exchange) and the Nasdaq plan to launch bitcoin futures this year, despite the ongoing bear market.

So far, the Commodity Futures Trading Commission, which regulates bitcoin, has approved two crypto futures products — one from the Chicago Board Options Exchange and another by the Chicago Mercantile Exchange. Still, SEC Chairman Jay Clayton said in November that he needs to see better custody solutions surveillance before he would feel “comfortable” allowing a crypto exchange traded fund, or ETF, to come to market.

WATCH: The crypto craze ended 2018 with a whimper

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