Reason behind Bitcoin crash
The cryptocurrency first fell below $6,000 (£4,686) on November 15 and has struggled to recover since.
Off the back of a week of heavy losses, BTC tumbled even further on Sunday, with the asset hitting lows of $3,670 (£2,866).
But another provider on cryptocurrency data, CoinDesk, put the losses even higher, reporting BTC had dipped below $3,500 (£2,731) on Sunday.
Amid BTC’s plummeting price bitcoin economist Dr Saifedean Ammous tweeted on Sunday about the way he saw the market going over the next few weeks.
Bitcoin’s tumble worsened over the weekend, putting the 2018 crash within striking distance of the cryptocurrency’s worst-ever bear markets. The virtual currency, conceived just over a decade ago, fell as low as $3,475 on Sunday, Bitstamp prices show. It was trading at $3,949 as of 11:23 a.m. in Hong Kong, according to Bloomberg composite pricing. That’s 7.3 percent below its level at 5 p.m. New York time on Friday, and about 79 percent below its closing peak in December.
The crash has now entered the same league as Bitcoin’s 93 percent plunge in 2011 and its 84 percent rout from 2013 to 2015, during the collapse of Tokyo-based crypto exchange Mt. Gox. In dollar terms, the damage this time around has been much bigger: Virtual currencies tracked by CoinMarketCap.com have lost more than $700 billion of value since the market peaked.
While bulls are betting that demand from institutional investors will spark a rally, most big money managers have stayed on the sidelines amid concerns over exchange security, market manipulation and regulatory risk.
The sell-off is “really testing the faith of a few key players,” Ryan Rabaglia, Hong Kong-based head trader at OSL, a cryptocurrency dealing firm, said in a phone interview. “I do think for this next push, we are going to need that institutional money to come in finally. To lend that support and help with growth.”
But according to some sources Bitcoin will hit $15000 till the end of December 2018. So there is still hope.
I'm going to hold my Bitcoin till then. what are you going to do.. please let me know into the comment section.
Thank you.
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I do think we are near a bottom but who knows we could see yet another sell off.
i believe when it starts moving up it will be a quick trip back to 10,000
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