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Bitcoin, ethereum and other major cryptocurrencies have plummeted in price, with analysts warning that the market has hit "panic mode".
Ethereum has recorded the largest decline in value of all major digital currencies, falling by almost cents in the last 24 hours to reach the lowest price in almost a year.
Massive trading volumes suggest a mass sale, with ethere trading at $ 262 at the time of writing. The bitcoin price has dropped to $ 6,043, down 7% since yesterday.
The volatile history of Bitcoin in images
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On January 3, 2009, the bitcoin genesis block appeared. It was less than a year after the pseudonym creator Satoshi Nakamoto detailed the cryptocurrency in a document titled "Bitcoin: a peer-to-peer electronic cash system"
Reuters
2/8 Bitcoin is used as currency for the first time
On May 22, 2010, the first bitcoin transaction took place in the real world. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $ 90 million at today's prices
Lazlo Hanyecz
3/8 Silk Road opens for business
Bitcoin soon gained notoriety for its use on the obscure web. The Silk Road market, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoins
4/8 The first ATM bitcoin appears
On October 29, 2013, the first ATM bitcoin was installed in a coffee shop in Vancouver, Canada. The machine has allowed people to exchange bitcoins for cash
REUTERS / Dimitris Michalakis
5/8 The fall of MtGox
The biggest bitcoin exchange in the world, MtGox, has filed for bankruptcy in February 2014 after losing nearly 750,000 of its bitcoin customers. At the time, this was about 7% of all bitcoins and the market inevitably crashed
Getty Images
6/8 The real Satoshi Nakamoto would stand up
In 2015, the Australian police broke into Craig Wright's house after the businessman claimed to be Satoshi Nakamoto. Subsequently rescind the complaint
Getty Images
7/8 Bitcoin's big check
On 1 August 2017, an unresolvable dispute within the bitcoin community saw the division of the network . Bitcoin's underlying blockchain technology fork has spawned a new cryptocurrency: Bitcoin crate
REUTERS
8/8 Bitcoin price rockets
By the end of 2017, the bitcoin price is rose to almost $ 20,000. This represented an increase of 1,300% compared to its price at the beginning of the year
Reuters
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On 3 January 2009, the block of genesis of bitcoins appeared. It was less than a year after the pseudonym creator Satoshi Nakamoto detailed the cryptocurrency in a document titled "Bitcoin: a peer-to-peer electronic cash system"
Reuters
2/8 Bitcoin is used as currency for the first time
On May 22, 2010, the first bitcoin transaction took place in the real world. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $ 90 million at today's prices
Lazlo Hanyecz
3/8 Silk Road opens for business
Bitcoin soon gained notoriety for its use on the obscure web. The Silk Road market, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoins
4/8 The first ATM bitcoin appears
On October 29, 2013, the first ATM bitcoin was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash
REUTERS / Dimitris Michalakis
5/8 The fall of MtGox
The biggest bitcoin exchange in the world, MtGox, filed for bankruptcy in February 2014 after losing nearly 750,000 of its bitcoin customers. At the time, this was about 7% of all bitcoins and the market inevitably crashed
Getty Images
6/8 The real Satoshi Nakamoto would stand up
In 2015, the Australian police broke into Craig Wright's house after the businessman claimed to be Satoshi Nakamoto. Subsequently rescind the complaint
Getty Images
7/8 Bitcoin's big check
On 1 August 2017, an unresolvable dispute within the bitcoin community saw the division of the network . Bitcoin's underlying blockchain technology fork has spawned a new cryptocurrency: Bitcoin crate
REUTERS
8/8 Bitcoin price rockets
By the end of 2017, the bitcoin price is rose to almost $ 20,000. This represented an increase of 1,300% compared to its price at the beginning of the year
Reuters
Cryptocurrency analysts have linked the latest market movements to the liquidation of funds raised through ICO (initial offers of coins), which means that companies could sell the ethereum raised through the popular fund-raising mechanism.
"The cryptographic market seems to have reached the panic mode, with prices falling significantly on all fronts.As we can see in the case of ethereum, investors seem to increase the liquidation of their ICO holdings, with significant falls in price and increase volumes, "said Matthew Newton, an analyst at the eToro online trading platform.
"This had a knock-on effect on the rest of the market [cryptocurrency] with bitcoins also falling momentarily below $ 6,000 last night. For prices poised, emotions will go up among traders, but keeping things in perspective, the bitcoin is still range-bound for now between $ 5, from 700 to $ 8,000 in line with the way it has been traded in the last few months. "
Cryptocurrency investors shared their trouble stories on community forums, with some revealing the extent of their personal losses.
"I entered a crypt at the end of January", a member of the cryptocurrency forum on Reddit. "We put about $ 25,000 in total, I have gone far enough."
They went on: "I have never been very worried during the past dives, because I had a lot of confidence in the future of cryptography and technology … But the dives kept coming … My portfolio of 25k is now barely 5k, and it is not even worth it to be sold at this point I would prefer that all was lost. "
Others in the Under-Reddit said it would do most of the price collapse" buying the drop ", despite the downward trend between the markets in 2018.
"I honestly did not believe that the market alt … would have reached these levels", wrote a user. "Well, I can only think of one thing to do, time to double, or I'm winning big or going down with the ship."
Experts warn that the volatility of cryptocurrencies means that people should not invest more than they can afford to lose.
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