8 reasons for bitcoin falling prices this week
Bitcoin will face a $ 500 drop in track record for its low 2018 bid. On Monday, Bitcoin reached its lowest point in the past 13 months.
According to data released on the CoinDesk website, these days, the leader of the digital currency trading platform is on the tough days. Bitcoin’s digital currency, with the highest value of the entire market, has recently seen a dramatic price drop below $ 5,000.
Bitcoin is on track to record its lowest point in 2018!
At the time of writing, Bitcoin has experienced a 15 percent drop over the past 24 hours and traded at $ 4,690. The collapse of the digital currency market is still ongoing. According to the latest digital currency report on Monday, another $ 14 billion has left the market. It reached $ 15 billion in the last 24 hours.
Other digital currencies also experience a bad situation. At the moment, Ethereum, Litecoin, EOS and other altcoins have dropped by more than 10 percent. According to data released by OnChainFX, Aragon, LBRY, and ZClassic have fallen by more than 20 percent in the past day, according to data released by OnChainFX.
8 Big reasons for the recent fall of bitcoin
The definitive cause of the fall in Bitcoin prices in 2018 is still unclear. But according to Fool, there are several reasons for justifying the current situation:
- Lack of regulation or the hope of passing a law that can make it the mainstream.
- Regular digitization of the digital currency chains and the creation of derivative digital currencies have led critics to believe that digital currencies are by no means infinite.
- The successive publication of negative news regarding the hacking of Bitcoin currency exchanges and the theft of digital assets.
- Intra-organizational non-acceptance of digital currencies. At the peak of the digital currency market price, people believed that the possibility of future bitcoin deals could be turned into a mainstream, but this belief has not materialized.
- Reducing the price of digital assets and, in general, the capital market, including stocks and the property market, over the past two months.
- Banks, governments and corporations, bitcoins or other digital currencies have not been accepted.
- Redirect the emotions of the market. (As demand declines, prices also go down.)
- The fear of losing capital and the fear of a loss of profit opportunity lead to sentimental decisions for sale to investors.
Digital currency investors have experienced difficult times in the last 48 hours. Last night, the bitcoin price dropped below the $ 5,000 limit, and today it reached $ 4981 today at 16:30. During the current year, Bitcoin prices have experienced a 75 percent drop in prices. Ripple and Ethereum have had a similar situation from Christmas 2017 to today.