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Bitcoin, we barely got to know you, but you stay. Cut, cut, cut. Listen, I mean it. I have a couple of things I want to say here. This is not a Bitcoin funeral at all . So, let's go with me to this graph. I'll tell you what's going on here. Several different moments. Let's look at the Bitcoin bug that we just fixed, and suddenly we're declaring the funeral of Bitcoin.
You know, when this bug appeared, it was right near the peak. So when we start announcing funerals and things get bad, sentiment hits rock bottom. Hopefully we can use that bug to say, "Hey, you know what? That was near the lowest point ." Secondly, Bob talked about the Japanese exchanges being ordered to improve their business conditions.
Actually, that's good. It will be a little difficult in the short term because they are suspending new account openings, but they are cleaning up the system. They make it more reliable, they make it better for people. And finally, today news broke that Mt. Gox is going through a reorganization process and they are going to distribute the remaining $1 billion worth of bitcoins.
But here's what's great about it. They won't distribute them until at least the first quarter of 2019. Everyone thinks that suddenly there will be a wave of sales. This won't happen now. So, let's go to the graph and see where we are. Now that I've come this far, look at this. Okay, we had this big downtrend, a 65-70% drop from the peak to this level.
This is not unusual for Bitcoin. This is very painful. But look where we are now. Okay, guess where we were? It was only in November. Okay, do you know where we were a year ago? 2500 dollars. So let's put this in perspective. This does not mean that Bitcoin cannot fall lower. This is a bear market, and we don't know where bear markets end.
There is usually some kind of grand finale, but this is by no means a funeral for Bitcoin. So, BK, if you look at this middle circle, the middle level that you just marked, it's about December, early December. This is the time when, correct me if I'm wrong, Bitcoin futures trading began . And about 17 days later, we saw Bitcoin peak.
And we haven't seen it resurface, or we haven't seen the lower trend line get broken. Is it because people can now bet against Bitcoin that a real arena for the bears has emerged? No, I don't think so. There 's not enough Bitcoin futures trading to really—I mean, volumes are increasing, but to really put that kind of pressure, they're settled in cash, there's a slight difference there.
I mean, we had a confluence of several different factors. Remember, we had an asset sale due to taxes. Remember, uh , that we had several such breakdowns. And remember that $10 billion of new money went into ICOs. In my opinion, this is what the ICO market looks like now . It looks like December when we added the Bitcoin feed .
This is where I want to be. I'm starting to play for upside with these cryptocurrencies, not ICOs. Question for you, BC. Do you think we should bring back the Bitcoin whistleblower? Uh , yes. You know what? I really think we should bring it back. I like to go against the flow. So, yeah, let's do this.
Here he is. What? It was wonderful. You made a gesture with your hand, but you pointed it in the wrong direction . I know. Because you have to You have to look here, and you have to watch It was fantastic. Because I'm looking at the mirror image on TV. In any case, it's hard to get your brain to work that way.
Mine just doesn't work. Hello, thank you for watching CNBC on YouTube. Don't forget to subscribe to stay up to date with the most important news of the day. You can also click on any video around me to watch the latest from CNBC. Thank you for watching.
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