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Bitcoin has today reached the lowest level since the beginning of the year as A market route continues throughout the cryptocurrency cause pain to the owners of bitcoin, ethereum, Ripple XRP and other important digital tokens.
The price of bitcoin fell to a low of $ 3.563 at the start of today, down about 6% in the last 24 hours, according to the bitcoin price tracker of CoinDesk, before bouncing slightly. At the beginning of the week, a rebound in the bitcoin price had led some to speculate the worst was about to end up in the bitcoin and cryptocurrency market.
Bitcoin has dropped 80% from its all-time highs at the end of 2017, a drop that has dragged many more coins down if not more, as investors fear that long-term institutional investments in the industry will not materialize .
Bitcoin has experienced a downward trend throughout the year, although the sell-off has resumed its strength in the last month.Getty
The last downward phase & nbsp; a Bloomberg analysis of the technical data follows that suggests that the price of the bitcoin could be "negative model."
The middle managerial index (ADX), a technical indicator that rises while negative sales trends are strengthening, is at its highest level since July, Bloomberg reported. The ADX is currently around 47 and if it exceeds 50 it will be the first time that it will do this year in a negative model, according to Bloomberg.
"There is little to avoid that the faded bitcoin prices reach the continuous average of $ 1,500," wrote Bloomberg analyst Mike McGlone in a statement, indicating a 60% drop from the current bitcoin price .
The bitcoin sellcoin, which was labeled as crypto-winter, was triggered by a so-called "hard fork" in the bitcoin cash cryptocurrency after developers and miners failed to agree on upgrading the currency network.
The bitcoin price seems to have rebounded yesterday before taking a dip today.CoinDesk
The subsequent computer power war, which became bad when the two camps struggled for control of the rival bitcoin, led to many takings from bitcoin and cryptocurrency, fearful that the biggest holders might be about to give up their positions to hurt themselves each other.
"We are at a classic psychological stage where the market is reversing the frenzy of 2017," said McGlone in an interview with the Newswire TV station. "The hard fork was a key factor that reported that the technology is too nascent." You had these menacing characters threatening to destroy each other and the institutions said, "It could be better if we keep away from it for a little ""
After months of relative stability, bitcoin volatility exploded in November, with the bitcoin registering its most serious monthly crash in seven years and the spark the speculation that the bitcoin experiment could end.
Adding to the troubles of bitcoin, the US Securities and Exchange Commission (SEC) has silenced the crypted space in recent weeks, inflicting fines on two companies last month that had not registered their initial money offerings as securities.
Last week, the head of the SEC said that concern for the lack of investor protection means is willing not to approve a closely monitored bitcoin listed fund application. A SEC decision is expected by the end of December.
Elsewhere, even other large cryptocurrencies have suffered a severe blow. Ripple, the informal name for the XRP token, & nbsp; it is down by around 5% in the last 24 hours, while ethereum is down by almost 9% and stellar is down 10%.
Bitcoin money, which has been the subject of a tough war and hash war last month, brought the sell-off today.CoinMarketCap
Meanwhile, Miami's blockchain and telecommunications company UnitedCorp initiated a lawsuit against Bitcoin mining company Bitmain, bitcoin.com website, Roger Ver, who runs the bitcoin.com website, and the bitcoin exchange Kraken on what he calls a "scheme" taking control of bitcoin money for "personal gain."
UnitedCorp is discussing the group it has "effectively hijacking" the bitcoin cash network after the November software update with the intent to centralize the network.
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Bitcoin has reached its lowest level since the start of the year as a crypt-driven market crash continues to cause pain to the owners of bitcoins, ethereum, Ripple XRPs and other important digital tokens.
The price of the bitcoin fell to a low of $ 3,563 at the start of today, down about 6% in the last 24 hours according to the price of CoinDesk bitcoins, before bouncing slightly. At the beginning of the week, a rebound in the price of bitcoin had led some to speculate that the worst was going to end up in the bitcoin and cryptocurrency markets.
Bitcoin has dropped 80% from its all-time highs at the end of 2017, a drop that has dragged many more coins down if not more, as investors fear that long-term institutional investments in the industry will not materialize .
Bitcoin has experienced a downward trend throughout the year, although the sell-off has resumed its strength in the last month.Getty
The latest recession follows a Bloomberg analysis of the technical data suggesting that the price of the bitcoin could be directed towards a "negative model".
The average managerial index (ADX), a technical indicator that rises while negative sales trends are strengthening, is at its highest level since July, according to Bloomberg. The ADX is currently around 47 and if it exceeds 50 it will be the first time that it will do this year in a negative model, according to Bloomberg.
"There is little to prevent the faded bitcoin prices reach the continuous average of $ 1,500," wrote Bloomberg analyst Mike McGlone in a statement, indicating a 60% drop from the current bitcoin price .
The bitcoin sellcoin, which was labeled as crypto-winter, was triggered by a so-called "hard fork" in the bitcoin cash cryptocurrency after developers and miners failed to agree on upgrading the currency network.
The bitcoin price seems to have rebounded yesterday before taking a dip today.CoinDesk
The subsequent computer power war, which became bad when the two camps struggled for control of the rival bitcoin, led to many takings from bitcoin and cryptocurrency, fearful that the biggest holders might be about to give up their positions to hurt themselves each other.
"We are at a classic psychological stage where the market is reversing the frenzy of 2017," said McGlone in an interview with the Newswire TV station. "The fork was a key factor that indicated that the technology is too nascent." You had these menacing characters threatening to destroy each other and the institutions said, "It might be better if we take it off for a while."
After months of relative stability, bitcoin volatility exploded in November, with the bitcoin recording its biggest monthly collapse in seven years and the scintillating speculation that the bitcoin experiment could end.
Adding to the troubles of bitcoin, the US Securities and Exchange Commission (SEC) has silenced the crypted space in recent weeks, inflicting fines on two companies last month that had not registered their initial money offerings as securities.
Last week, the head of the SEC said that concern over the lack of investor protection means that it is not going to approve a demand for funds traded on the closely watched bitcoin stock exchange. A SEC decision is expected by the end of December.
Elsewhere, even other large cryptocurrencies have suffered a severe blow. Ripple, the informal name for the XRP token, is down about 5% in the last 24 hours, while ethereum is down by almost 9% and stellar is down 10%.
Bitcoin money, which has been the subject of a tough war and hash war last month, brought the sell-off today.CoinMarketCap
Meanwhile, Miami's blockchain and telecommunications company, UnitedCorp, has launched a lawsuit against Bitmain, the Bitcoin.com site, Roger Ver, which runs the bitcoin.com site and the Kraken bitcoin exchange on what defines a "scheme" "to take control of the bitcoin money for" personal gain ".
UnitedCorp is claiming that the group colluded to "effectively hijack" the bitcoin network after the November software update with the intent to centralize the network.
