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The price of bitcoin has been plummeted to its lowest value as a year, as the cryptocurrency market took an abrupt downturn following the most sustained period of stability in its history.
More than 10 per cent of bitcoin's value, with other major cryptocurrencies like ethere and bitcoins cash experiencing similar losses.
Cryptocurrency analysts have to be driving to the current dip.
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On January 3, 2009, the genesis block of bitcoin appeared. Satoshi Nakamoto in the paper titled 'Bitcoin: A peer-to-peer Electronic Cash System'
Reuters
2/8 Bitcoin is used as a currency for the first time
On 22 May, 2010, the first ever real-world bitcoin transaction took place. 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 dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoins
4/8 The first bitcoin ATM appears
On October 29, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. People to exchange bitcoins for cash
REUTERS / Dimitris Michalakis
5/8 The fall of MtGox
The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of bitcoins and the market inevitably crashed
Getty Images
6/8 Would the real Satoshi Nakamoto please stand up
In 2015, the Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim
Getty Images
7/8 Bitcoin's big split
On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The underlying bit of the blockchain technology spawned a new cryptocurrency: Bitcoin cash
REUTERS
8/8 Bitcoin's price sky rockets
Towards the end of 2017, the price of bitcoins surged to almost $ 20,000. This represented at 1,300 per cent from its price at the start of the year
Reuters
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On January 3, 2009, the genesis block of bitcoin appeared. Satoshi Nakamoto in the paper titled 'Bitcoin: A peer-to-peer Electronic Cash System'
Reuters
2/8 Bitcoin is used as a currency for the first time
On 22 May, 2010, the first ever real-world bitcoin transaction took place. 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 dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoins
4/8 The first bitcoin ATM appears
On October 29, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. People to exchange bitcoins for cash
REUTERS / Dimitris Michalakis
5/8 The fall of MtGox
The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of bitcoins and the market inevitably crashed
Getty Images
6/8 Would the real Satoshi Nakamoto please stand up
In 2015, the Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim
Getty Images
7/8 Bitcoin's big split
On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The underlying bit of the blockchain technology spawned a new cryptocurrency: Bitcoin cash
REUTERS
8/8 Bitcoin's price sky rockets
Towards the end of 2017, the price of bitcoins surged to almost $ 20,000. This represented at 1,300 per cent from its price at the start of the year
Reuters
'Hard fork' of bitcoin cash, whereby the cryptocurrency will effectively split into two on Thursday to create a brand new cryptocurrency.
Hard cash stirring uncertainty among crypto investors, and forecasters across crypto and traditional markets alike have predicted a prolonged bear market heading into 2019, "Donald Bullers, North American representative for the blockchain firm Elastos, said in an email to The Independent.
"Crypto investors have come to be the most recent case study of that phenomenon."
This uncertainty meant bitcoin cash experienced some of the biggest losses, having been one of the only significant cryptocurrencies to experience price gains over the last few weeks.
"In the first week of November," said Angel Versetti, CEO of Ambrosus, an internet-connected sensor firm that uses blockchain technology.
"From the cryptocurrencies." However, now that [Thursday’s] split is looming and the outcome is yet undefined, this has impacted the outflow of money from the bitcoins … As people are moving into fiat, cryptocurrencies are taking a fall. "
Bitcoin's lack of major market movement crashed to an end late on November 14th (CoinMarketCap)
The market-wide crash, which saw the price of bitcoins fall below $ 5,600 (£ 4,300) for the first time since October 2017, follows a remarkable period of stability for the notoriously volatile cryptocurrency.
Since early September, bitcoin traded in a narrow range between $ 6,000 and $ 7,000, following months of steady losses that had seen it fall from a high close to $ 20,000 in late 2017.
Earlier this week, cryptocurrency said "lack before the storm."
This is a prediction of a surge in value over the final weeks of 2018.
Despite the crash, some crypto experts still believe there could be an upswing in the market in the coming months, under certain conditions.
Rohit Kulkarni, managing director of private investment research at SharePost, said "We believe that there are three likely catalysts that could result in a crypto market turnaround in the next six months" The Independent.
"These are: A select group of blockchains startups that have been completed tokens offerings in the past year of the year announcing innovative commercial products; the market. "
