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In the last 24 hours, the cryptography market has been involved in a large bloodbath that has caused the loss of over $ 26 billion, making it one of the most extreme losses and daily sales of this year.
As of November 14, 2018, 22:41 UTC, the price of Bitcoin was $ 5,525.92 – which is a loss of more than 12% – shows the volatility of the crypto-market but in connection with the downside. Continuing with its decline, at the time of writing, BTC dropped again a little over $ 5,501.
It is important to know that this is the first time in over a year when the total market capitalization of Bitcoin has moved below the $ 100 billion mark. However, in the last twelve hours, the total market capitalization of cryptocurrencies has fallen from $ 210 billion and is now at $ 184 billion.
Because of the drastic fall of Bitcoin, other cryptocurrencies like Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), etc., have followed the fall trend by about 10% o more.
During the current cryptocurrency slaughter on the market, XRP outperformed Ethereum by market capitalization as the second digital asset in space by market capitalization, according to coinmarketcap.
Only stable coins like Tether are still traded in green. Tether and other stable coins have been designed to trade steadily against the USD. At the time of writing, the USDT is trading at $ 0.981804.
What caused the recent crypto blood bath?
The recent decline in the cryptographic market has been attributed to many factors that include the upcoming Bitcoin Cash fork and a feud among Bitcoin Cash developers.
Dies Craig does not have that power. He's a blind fool with a zero understanding of Chinese affairs, his relationship with the Chinese government and the power of the Chinese government to completely destroy someone – anytime, anywhere. Craig awake. Now you are playing in the adult world
– John McAfee (@officialmcafee) November 15, 2018
The BCH recorded the largest loss of other digital resources in the space of 19%. The cryptocurrency was created last year with the aim of producing a better and faster bitcoin encrypted currency. At the moment there seems to be a dispute between the developers of BCH (the creators of Bitcoin Cash (BCH) as Jihan Wu (a developer of Bitcoin Cash) supports the faction of Roger Ver (a 'other community of developers of Bitcoin Cash).
It is reported that Wu wants to rival Craig Wright, as Craig Wright intends to make some updates to Bitcoin Cash software. It is important to know that only 3 factions in the developer community support the Wright model of Bitcoin SV. Surprisingly, BITMAIN has been included in the dispute.
Jihan Wu said this to the dispute:
Jihan:
I'm not going to start a hash war with CSW, because if I do it (moving the hash power from btc mining to bch mining), the price of btc will download below the annual support; it could even violate $ 5,000. But since CSW is relentless, I'm ready to fight to death! pic.twitter.com/d95axXEwFS
– 1 RAMEN 1 (@RamenofBinance) November 14, 2018
Many have accused the current recent fall at the end of BTC's future – no doubt, this kind of notion has negative effects. Furthermore, it could be one of these factors or a combination of all, which contributed to the current incident. John McAfee tweeted a couple of minutes ago:
The war that raged around Jihan Wu was initiated by the ego and the myopia of the Bitcoin developers. Developers serve the community, not an ideal principle of technology. And they certainly do not control our community. Wake up the developers. You could have avoided it. pic.twitter.com/WF3a9V3sWq
– John McAfee (@officialmcafee) November 15, 2018
However, there are good indications that, despite the massive fall, there is stability in the crypto-market ecosystem. Overall, the upcoming fork is keeping its enthusiasts on alert, and one of them has stated in the last hours that it is making the market of encryption healthier.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Caio_Triana / Pixabay
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