Bitcoin Falls Below $7,000, Down More Than 60% From All-Time High
Bitcoin's free fall continued today, inducing the digital currency's price to drop below $7,000 for the very first time since November.The price tag on Bitcoin declined to as little as $6,583.56, in line with the CoinDesk Bitcoin Price Index (BPI).At this time, the cryptocurrency had lost a lot more than 66% of its value since reaching an all-time saturated in December.[Ed. note: Buying cryptocoins or tokens is highly speculative and the marketplace is essentially unregulated. Anyone considering it will anticipate to lose their entire investment.]Bearish Market MomentumBitcoin has been pushing lower as digital currencies suffer widespread losses, shedding over fifty percent their total value within just a month.
After reaching a market value in excess of $830 billion early last month, cryptocurrencies'total value has plunged to nearly $300 billion, CoinMarketCap figures show."It's a rout," said Charles Hayter, co-founder and CEO of data provider CryptoCompare, adding that sharp downturn has triggered panic selling.
Jeff Koyen, CEO of 360 Blockchain USA, provided similar input, stating recently that the "The whole crypto market has been battered."Natural Market Cycles?However, some market analysts have got a far more neutral stance, asserting that the digital currency markets are just going right on through the natural ups and downs."The present overall market has been doing a downtrend without a doubt," said Bruno Skvorc, CTO and lead blockchain developer for CryptoHunt.
"However, this downtrend is an all-natural cycle of any market, especially one which say parabolic growth like we saw in Sept-Dec," he added.Gavin Yeung, founder and CEO of digital asset management firm Cryptomover, emphasized that markets always rise and fall.What's Next For Crypto?Cryptocurrencies - and the sharp gains they've generated throughout the last couple of years - have repeatedly prompted speculation these digital assets have entered a bubble.This viewpoint features a reasonable basis, as the full total value of digital currencies climbed a lot more than 3,000% in 2017 alone, CoinMarketCap data reveals.An Uncertain MarketAnalysts should bear in mind that while there's significant market history for more traditional assets like stocks and bonds, cryptocurrencies haven't held it's place in the mainstream for long.Consequently, it's far harder to predict what'll happen next.Digital currencies could finish their rout in the coming days and weeks, locating a bottom and then renewing their ascent.Alternatively, they might keep dropping, worsening losses and ushering in more fear, uncertainty and doubt.Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.
Bitcoin's free fall continued today, inducing the digital currency's price to drop below $7,000 for the very first time since November.
Jeff Koyen, CEO of 360 Blockchain USA, provided similar input, stating recently that the "The whole crypto market has been battered."
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