Bitcoin is not doing well, as or late. The father of crypto has been crashed repeatedly over the past several…
Bitcoin is not doing well, as or late. The father of crypto has been crashed repeatedly over the past several days and now stands at a measly $ 4,400. This is miles below its not-so-stellar price of $ 6,300, which was trading at most of last week.
A new report states that bitcoin has fallen by roughly 75 percent from its previous all-time high of $ 19,000 + in December 2017. These were what some refer to as the “glory days” or bitcoin. Exchanges like Coinbase were experiencing huge bursts in popularity and adding hundreds of thousands of users in single weeks. Bitcoin appeared unstoppable, and everybody rushed to get in on the action.
But 2018 has been a lackluster, downright ugly year for bitcoin.
Many things have contributed to the following falls, including crypto ad bans on several of the world’s largest internet and social media companies, and the Securities and Exchange Commission’s (SEC’s) crackdown on initial coin offerings (ICOs) and related fundraising ventures.
But things might not be as bad as they feel right now …
However, the blame game for bitcoin’s latest drop is focused on the bitcoin cash hard fork that took place last Thursday. Bitcoin cash has undergone hard forks before; In fact, BCH was the product of a bitcoin fork that occurred in 2017. For the most part, every fork up to this point has gone by uncontested, but this occurrence marks a sudden change in most industry leaders’ attitudes.
Joshua Frank – co-founder of the cryptocurrency analytics platform TheTIE.io – spoke ill of the event, and says sentiment regarding the recent fork is largely negative:
Similar sentiment is offered by Mati Greenspan, a notable market analyst with the digital exchange eToro. In a recent interview, Greenspan suggests that cryptocurrency is still at the start of a long (and likely successful) journey. Han fortæller at volatiliteten er fortsatt veldig mye alive, men at folk ikke bør bekymre sig som de seneste dråber er kun midlertidige, mens markedsudviklingen kommer ud for større og bedre ting:
“What we’re seeing now are the after effects of the unprecedented rise of bitcoin and other crypto assets in 2017. This year is simply a retracement of that. Det samme skjer i bredere markeder, hvor teknologibestanden, for eksempel, følger et lignende mønster. As with all markets, if prices reach levels that are higher than can be justified, they need to pull back. Deze cycli kunnen soms worden gecentreerd in de crypto markt als gevolg van de risicere aard van deze nascent industrie. På samme måde har tidligere cykler ikke signaleret end for bredere markeder, disse prisbevægelser ikke signalere end for kryptoaktiver. “