The dark cloud hanging over the crypto world does not seem to be abating anytime soon as the Bitcoin price has dropped to $4100 to a BTC. This slump is said to be the reason why more than $5 billion has been lost over the last ten days in the cryptocurrency market in a fascinating twist of events. The recent drop in price has seen the cryptocurrency fall by over 8% from $4500 to about $4100.
THE BITCOIN AND ETHEREUM ON A FREEFLOW WHICH IS ONE OF THE WORST BLOODBATH IN RECENT HISTORY.
The Bitcoin is popularly known as one of the most popular cryptocurrency as it is the first and the most valuable in the market. Therefore, the market has suffered a major impact in recent times as the Bitcoin retains its 21% slump against fiat currency. Statistics gotten from fiat/cryptocurrency exchanges such as bitstamp has put the bitcoin at about $4118 to a BTC.
It is important to remember that the Bitcoin had held on to healthy $6000. Many people are speculating that if the coin can sustain its support for the $4000 level of support, then it would be most likely that the cryptocurrency would be able to maintain the levels throughout the year and probably end the year on a high. Apart from the Bitcoin, Ethereum is also suffering a significant drop from their original prices. This drop is also linked to the crash in Bitcoin prices in recent days. This has seen the Ethereum trading lower than the $120 mark to an ether. It is believed that the prices of the Ethereum would keep on dropping in a similar way to the Bitcoin.
It should be remembered that the slump in prices has been linked to various issues. One such issue was the dispute and the saga that followed the Bitcoin cash fork. It is also believed to have been influenced by the delay in Bitcoin futures which was meant to be released this year. The release is now primed for next year as the delay has been established.
Many observers such as Michael Moro is of the opinion that the Bitcoin would continue its free flow until it hits the $3000 mark. It remains to be seen just how true and realistic this is. For the reporters, it is time to cross their fingers in anticipation of the prices rising once again.
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