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Bitcoin, in addition to smaller cryptocurrencies like XRP and ether, had a terrible November that saw the cancellation of $ 70 billion in value from the market, according to reports from the CNBC on Friday.
Bitcoin closed at $ 3,878, well below $ 6,000, which supporters had long insisted on its "plan", but in retrospect it seems to have been a magic number. That is 80 percent lower than its December high of 19783 $. Beginning on the first Saturday afternoon, it stood at around $ 4,230, although Genesis Global Trading's CEO Michael Moro told the site that "it is unclear whether this is a 'bottom' or a short period of consolidation before the next move down … Buyers are still keeping some money on the sidelines if it goes lower. "
According to CNBC, November was also painful for other important cryptographic actors:
The market capitalization of all major cryptocurrencies was a $ 70 billion success for the month, according to CoinMarketCap.com. XRP, the second largest cryptocurrency in the world, fell 18% in November, while ether fell 43% over the same period.
CoinDesk added:
The world's largest cryptocurrency began in November at an average trade price of $ 6.341, but starting at 0:00 UTC on December 1, it traded for only $ 3,964, according to CoinDesk's Bitcoin price index. .
At present, the decline of around $ 2400 in the bitcoin price generated a monthly return of -37.4%, which is the worst ever since August 2011, when it dropped from around $ 8 to $ 4.80 to print a monthly loss of -40%, according to data from the CoinDesk Bitcoin Price Index (BPI).
As Bloomberg noted at the beginning of this month, it seems that many large-scale bitcoin miners have thrown in the towel throughout November, with JPMorgan Chase strategists writing in a report that "prices have fallen to become an unprofitable sector for some ":
The hash rate of the Bitcoin network, a way to measure the computing power dedicated to digital currency mining, fell by around 24% from the all-time high at the end of August to November 24, according to Blockchain.com. While the decline may be partly due to the passage of miners to other cryptocurrencies, JPMorgan Chase & Co. says that some in the sector are losing money after the price of Bitcoin has plummeted.
Bitcoin miners use dedicated hardware to confirm transactions on the network, earning new bitcoins as a reward in the process. Although prices fell in 2018, miners continued to expand their capacity at least until August. But the smaller players are crushed; for example, Bloomberg noted that the break-even price for "Rig Antminer of Bitmain S9 was estimated at $ 7,000 in a Fundstrat Global Advisors report of 16 November," although in some countries with less electricity it could be lower. Bloomberg wrote that some holdouts could benefit from the fact that a sufficient number of smaller mining companies are expelled, "assuming that the price of Bitcoin does not fall too quickly".
As noted by the CNBC, there remain some good signs for cryptography: the Securities and Exchange Commission has increasingly sought to eradicate scammers and scams, while Intercontinental Exchange, Nasdaq and VanEck are planning to launch bitcoin futures in the coming months. The state of Ohio has recently established a system to allow businesses to pay taxes with cryptocurrency.
[CNBC/Bloomberg]