2018: The Collapse Of Bitcoin
What’s causing Bitcoin (and ALT coins) to depreciate in value when trading volume continues to increase?
Sadly, it’s the “type” of transactions that’s causing the massive drop in the value of BTC on a worldwide scale.
Match this frantic cryptocurrency exodus to recent events in the media is fine & dandy, until you realize the light at the end of the tunnel is a reflection of the actual light, which is behind you, and fading away as if you’re headed away from it…
What I’m saying is, the fun is over!
The days when a newbie could invest $10K and double his money within a few months, well those days are gone.
Also gone bye bye are the days when you could mine Bitcoin cost effectively, since neither hardware nor cloud mining are completely immune to the roller-coaster ride involved in digital currencies. One example involves withdrawals (payouts) that have recently been plagued with delays and fees that are essentially forcing mining companies and pools to breach contracts.
What’s The Cause Of The Collapse?
Bitcoin’s value dropped by over 50% in less than 60 days! But it gets worse… The US Commodities Futures Trading Commission (CFTC) just sent subpoenas to Bitfinex and Tether, as both entities are under investigation. This will inevitably impact digital currencies further as the investigation, and its outcome are unveiled.
More to come…
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For experts that have been in the market, this is actually a welcome dip. Imo adjusted values will bring in new investors, and allow long time digital currency traders to fill their K tanks back up, and go trading again!
BTC is getting ridiculously low. So are other digital currencies. I think it’s crashing because of a hack or series of hacks. The whole thing just doesn’t add up.
Good call Daniel! Bitcoin keeps sliding downward, today it bottomed out at below USD$8,000. Does anyone even speculate on what’s causing this?
Good post. I agree, BTC might get passed $20, but not this year… Thanks for sharing.
I find it strange that digital currencies plummeted at the same time Wall St. was crumbling… Something’s not right!