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This month, BTC experienced a price drop, with the virtual asset falling to its lowest point since September 2017. Bitcoin reached $ 4.355 (£ 3.400) on Wednesday morning by 20:00 GMT. , according to CoinMarketCap. Since then, the business has found stability, oscillating approximately in the same price range from Thursday to Friday.
At the time of writing, BTC had a value of $ 4,240 (£ 3,300), indicating that it was starting to find stability after the price collapse.
But the signs of bitcoin recovery in recent days may be short-lived, as activity is typically unpredictable.
Before the fall of this month, the bitcoin had just come out of a period of considerable stability for digital assets, which is known to experience large fluctuations in value over short periods of time.
At the beginning of November, the world's leading cryptocurrency was almost flat at around £ 5,000 before it rapidly precipitated Wednesday, November 14th in a downward spiral that continued until the end of the month.
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The speculations abound in the cryptic sphere on the reasons of the collapse of prices, with some analysts and commentators who attribute the fall to the so-called "hard-fork" bitcoin money (BCH) – currently the fourth largest cryptocurrency by market capitalization.
A difficult fork occurs when groups of miners and developers can not agree on software updates that govern a particular digital token.
A given crypt then "divides" into two separate currencies and, in the process, a second digital coin is generated.
The November price drop has led some cryptographers to wonder if there could be an increase in the cybersecurity threat as bitcoin owners and other cryptocurrencies become more vulnerable to hacker scams.
Paolo Passeri, architect of global solutions at Netskope, argued that the collapse of the cost of encryption at the market level was the "catalyst" and the driving force of a recent spike in the activities of cybercriminals.
He told Express.co.uk: "The catalyst that drives cybercriminals looking for new types of attacks is the fall in cryptocurrency prices, as this has made encryption a much less valuable means of obtaining the currency due to energy costs.
"While price volatility continues, hackers aim to capitalize on the victims who took advantage of the recent price bubble without spending too much money to achieve their goals."
Passeri's comments were echoed by economist Dr Saifedean Ammous, who warned of the dangers of cyber attacks on Sunday night.
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He said: "A prolonged decline in difficulties with the advance of technology means that bitcoin becomes less expensive to attack and less secure".
But the future of cryptocurrencies could be brilliant, with mainstream financial figures extolling their potential.
Mohamed El-Erian, Allianz's chief economic advisor, said at a Tuesday conference that he believed cryptocurrencies were here to stay despite the current crisis and the subsequent retreat of retail investors.
He said: "I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem.
"They will not be dominant like some of the first to believe they were."
