It comes after a troubled week for Bitcoin, in which a cryptocurrency exchange went bust in South Korea following a cyber attack, knocking its price. But no doubt this isn't the last we have heard on the bitcoin and its rival cryptocurrencies. On Friday, it tumbled to valuations as low as $432 billion. Cryptocurrency markets remain unregulated-which many consider a strength (rightly or wrongly)-and those markets are wild and woolly.
Despite having a sluggish week, Bitcoin cash has been having a remarkable year with a total of 600% increase since the hard fork occurred; the Ethereum was also having a great performance overall; the digital currency was up by a whopping 9,000% this year. Recent currency news could be really confusing for some investors that are trusting on these virtual currencies in order to secure and diversify their capital and assets, so, let's take a look to the possible main reasons that could tell us why cryptocurrencies dropped so low. Because the cryptocurrency is not used as a payment network or as a store of value, the report concluded that its price might be zero.
"There's been a lot of talk about how bitcoin is in a bubble", he said, adding that he had been anxious about how sharply bitcoin had rallied recently. Brokers set safety nets even higher. Expect some pretty vigorous reaction from those institutions as they begin to see Bitcoin and others start to reach the level where it impacts on their control.
It is important to differentiate between the future growth of the industry and the current valuation of its largest player: Bitcoin. In September, it fell 40 percent from $4,979 to $2,972.
The slashing decline triggered temporary, built-in trading halts in the bitcoin futures traded on the CME and Cboe.
Just over half of cryptocurrency investors believe that it will be integrated into the everyday economy in the coming years. According to him, the market will consolidate between $10,000 and $16,000 "for a while".
But that has not curbed excitement over its emerging investment opportunities.
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