The collapse of this year's cryptocurrency market will be remembered throughout life by the entire community, especially the current week. The price of bitcoin has fallen to $ 4,000, the worst fall in the year.
The fall of the market drops
The market capitalization of cryptocurrencies has decreased by about $ 700 billion this year. Speaking of the current week after major coins fell up to 70% in a few days, analysts predict that the bitcoin could fall to $ 3000 at the end of this month if the major support of $ 4000 is broken and could even go up to $ 2500 Not only bitcoins, but all the main altcoins including XRP, Ethereum and Litecoin, are all experiencing a sharp decline in prices. The market capitalization of cryptocurrencies was around $ 830 in January of this year and is now only around $ 140.
Share Market is on the same boat:
Equity markets are experiencing an even worse scenario with over 1.3 trillion dollars lost only this week. The main global stocks have collapsed including industry giants such as Apple, Goldman Sachs and General Electric.
Bitcoin Hash Wars: mining to huge losses
Both sides of the bitcoin cash hard fork are digging to magnificent losses according to Bitmex, a cryptocurrency derivatives platform that revealed the same in a tweet:
Although the SV SV division is fun, we estimate that the SV miners are burning $ 280,000 a day by extracting the SV chain.
* Miners S9
* Able to sell SV coins at the current current price ($ 100)
* 5 cents per kWhhttps: //t.co/U9hbK4peip pic.twitter.com/ULjwWSI0GA
– BitMEX Research (@BitMEXResearch) November 16, 2018
Both teams – ABC Bitcoin led by Roger Ver and Bitcoin SV, led by Craig Wright AKA "Faketoshi", are said to be mining with huge losses of about $ 278,000 and $ 439,221 per day respectively, and are likely to be met by a large amount of BTC sellings. A third team that is considered "neutral", known as Bitcoin Unlimited, is led by Andrew Clifford. The hash wars are considered one of the main reasons for the beginning of the collapse of the cryptocurrency market.