accountant at Indo Gulf Garments Trading LLC | Posted on | Share-Market-Finance
Why Bitcoin Crashes to Lowest This Year ?
Entrepreneur | Posted on
Congratulations to the regulatory bodies around the world! Hovering over a de-centralized marketplace with stringent tactics just to maintain their grip in the financial market hard and tight, they have finally left Bitcoin lifeless. Even the bulls now seem skeptic to the future and sustainability of Bitcoin. Not because the virtual currency wasn’t a masterstroke that could have literally changed the financial sector and changed the game against the big whales BUT because the governments and central banks all over the world are now hell-bound to choke Bitcoin price.
(Courtesy: BTCZilla)
The world’s leading cryptocurrency, in terms of market cap, crashed and hit year’s all-time lowest. On Tuesday, Bitcoin skidded by as much as 10 percent, losing 25 percent of its value in just a week. It breached a crucial hold of $4,300. At the time of writing this, one BTC was trading at $4,500 (Bitstamp).
(Courtesy: SteemKR)Much like previous occasions, the latest sell-off came after regulatory paranoia in different countries. Also, the hard fork of Bitcoin Cash can also be blamed. In addition, the leverage in the Asian market is too high, which is triggering people to sell their holdings.
No doubt, this isn’t the last we’re seeing Bitcoin price this low. As we close Christmas and New Year, the price will plummet further. And while the cryptocurrency has lost the mainstream attention and interest, I won’t be surprised that in 2019, the likes of Bitcoin, Ripple, and Ethereum becomes almost non-existent.
Now, this isn’t to say that Bitcoin is dead or dying. The cryptocurrency market is still at its very early stage. And such (big) volatility is expected. Over the years, perhaps in the next decade, Bitcoin price can rise again. If you’re an investor, hang it tight. Years from now, your patience to stay in the market despite FUD will reward you big.
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