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Cryptocurrency markets lost more than $ 60 billion in less than a week, following a collapse in prices that caused bitcoin, ethereum and ripple to reach the lowest levels since 2017.
The fall in prices appears even more dramatic, given the considerable period of stability that preceded them, which has led some analysts to warn that the lack of a market movement from the beginning of September would probably be the "calm before storm".
The speculation on why the collapse of the cryptocurrency took place is not focused on the bitcoin but on its spin-off, money in bitcoin.
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On January 3, 2009 the bitcoin genesis block appeared. It was less than a year after the pseudonym creator Satoshi Nakamoto described the cryptocurrency in a document titled "Bitcoin: a peer-to-peer electronic payment system"
Reuters
2/8 Bitcoin is used as currency for the first time
On May 22, 2010 the first bitcoin transaction took place in the real world. 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 to business
Bitcoin soon gained notoriety for its use on the obscure web. The Silk Road market, 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 will appear
On October 29, 2013 the first bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins in cash
REUTERS / Dimitris Michalakis
5/8 The fall of MtGox
The world's largest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing nearly 750,000 of its bitcoin customers. At the time, it was about 7% of all bitcoins and the market inevitably crashed
Getty Images
6/8 The real Satoshi Nakamoto would get up, please
In 2015, Australian police broke into Craig Wright's home after the businessman claimed to be Satoshi Nakamoto. Then terminate the complaint
Getty Images
7/8 The great division of Bitcoin
On 1 August 2017, an unsolvable dispute within the bitcoin community saw the division of the network. The fork of bitcoin's underlying blockchain technology has generated a new cryptocurrency: Bitcoin money
REUTERS
8/8 Bitcoin price sky rockets
Towards the end of 2017, the price of bitcoin rose to almost $ 20,000. This represented an increase of 1,300% compared to its price at the beginning of the year
Reuters
1/8 Satoshi Nakamoto creates the first bitcoin block in 2009
On January 3, 2009 the bitcoin genesis block appeared. It was less than a year after the pseudonym creator Satoshi Nakamoto described the cryptocurrency in a document titled "Bitcoin: a peer-to-peer electronic payment system"
Reuters
2/8 Bitcoin is used as currency for the first time
On May 22, 2010 the first bitcoin transaction took place in the real world. 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 to business
Bitcoin soon gained notoriety for its use on the obscure web. The Silk Road market, 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 will appear
On October 29, 2013 the first bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins in cash
REUTERS / Dimitris Michalakis
5/8 The fall of MtGox
The world's largest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing nearly 750,000 of its bitcoin customers. At the time, it was about 7% of all bitcoins and the market inevitably crashed
Getty Images
6/8 The real Satoshi Nakamoto would get up, please
In 2015, Australian police broke into Craig Wright's home after the businessman claimed to be Satoshi Nakamoto. Then terminate the complaint
Getty Images
7/8 The great division of Bitcoin
On 1 August 2017, an unsolvable dispute within the bitcoin community saw the division of the network. The fork of bitcoin's underlying blockchain technology has generated a new cryptocurrency: Bitcoin money
REUTERS
8/8 Bitcoin price sky rockets
Towards the end of 2017, the price of bitcoin rose to almost $ 20,000. This represented an increase of 1,300% compared to its price at the beginning of the year
Reuters
On November 15, the rival cryptocurrency experimented with something called "hard fork", for which a new cryptocurrency was created. This led to uncertainty in the market and a sharp sell-off of bitcoin liquidity.
With a market capitalization of around $ 4 billion, bitcoin liquidity is the fourth most valuable cryptocurrency in the world, yet over half of its value has been wiped out by last week's split.
It is not clear if or when the cryptography market will stabilize, with many of the price predictions at the start of this year that seem improbably optimistic.
In April, Rodrigo Marques, CEO of the Atlas Quantum investment platform, said L & # 39; Independent you could expect similar gains that saw the bitcoin's price rise near $ 20,000 by the end of 2017.
Several prominent figures in space have also provided extremely promising price forecasts for bitcoins and other cryptocurrencies in the coming months and years.
Investor and self-proclaimed "bitcoin evangelist" Alistair Milne, said the bitcoin would reach between $ 35,000 and $ 60,000 by 2020, while the famous investor Tim Draper said the bitcoin would have risen to $ 250,000 by 2022.
Bitcoin suffered two major price drops in less than a week, after months of market stability (CoinMarketCap)
Some analysts have been able to make a positive turnaround on the market recession, suggesting that low prices mean that it is now a buyers market.
"Only a few weeks ago the cryptographers were worried about the lack of volatility in the cryptography market, now the volatility is back and many experienced investors will use it as an important buying opportunity, perhaps the last of 2018", said Nigel Green. , founder and CEO of the financial consulting firm deVere Group.
"Digital currencies are the future of money and, as such, will capitalize on lower prices to build their portfolios and strengthen their positions.
"Financial traditionalists consider cryptocurrencies like traditional stores used to display online retailers, but with their hands in the sand they can not see that cryptocurrencies are already changed forever as the world manages money, makes transactions, does business and manages resources. "
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