Digital currencies are having one of their worst periods yet, with every single one registering a double digit drop.
Bitcoin is no exception. After getting to the $20,000 mark back in December, the famous crypto coin fell to a sub $10,000 mark on Bittrex and Coinbase exchanges.
At Bittrex, Bitcoin was at a 24 hour low of $9,450 while Coinbase registered $9,969.01 around 3:33 AM Pakistan time.
Cryptocurrency Market is Currently in Free Fall
Why it Crashed
This sudden crash seen across most cryptocurrencies is due to several factors. From legislation in South Korea to regulate crypto exchanges, to impending regulations on Bitcoin in Germany and a looming crackdown on miners in China.
The fall of virtual currency seems to have subsided, with Bitcoin currently trading at $10,964 and Ethereum at $971, according to CoinMarketCap. We can’t really say if this is the end for the crypto coin crash or not, but for now their values are slowly beginning to rise.
If the decline continues, we might just see Bitcoin’s value recede to $8000 mark. Some like Ethereum have fallen from $1300+ level this weekend to around $900.
Expect More Drastic Rise/Falls
With more and more venture capitalists joining the crypto fold, drastic rise and fall in Bitcoin’s price may become common, thanks to their pump and dump schemes. The recent fall in its value is unlikely to have affected their fortunes.
Currently Bitcoin is above $10,000 on both Coinbase and Bittrex. The former is willing to stop trading altogether during slumps like these, however, the exchange hasn’t finalized its decision yet.
Via Gizmodo
A moment of silent for those folks who bought it at $20,000 for investment purposes.
What? An exchange is willing to stop trading altogether just because they do not like the bitcoin price. Something is wrong with that cheese.
This is systematically wrong with this market. No regulation. Pump and dump, wash trading, front running, etc. All the things that there is a regulation for in the financial market is alive and well with the bitcoin exchange world.