In the wake of both Coincheck’s hack–as well as a big one that hit the South Korean exchange Coinrail–governments in East Asia began to crack down. Over the course of a few months, China, Japan, and South Korea all announced different measures to better regulate crypto-trading. The world was watching to see if this new technology would hit the mainstream–and government crackdowns following gigantic hacks helped poison the public perception.
As users choose the more robust and convenient option, the service will see a fall in traffic that will translate to fewer transactions. This will disincentivise BTT staking, which is likely to make its core function largely obsolete.

The price of Loopring has risen over 400 per cent since the initial rumors began to spread.
Beyond the clampdown by some governments, what bitcoin really needed to achieve sustained success was overall mainstream acceptance. While some financial institutions announced projects exploring blockchain-based solutions, many others balked.