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November price drop: the biggest cryptocurrency story of 2018

Let's take a look at the biggest stories of the cryptic world during 2018, starting from the price collapse that occurred in November …

One of the biggest encrypted stories of the year was undoubtedly the recent fall in the price of cryptocurrencies that has led to widespread panic within the community. While some of these torments by hand may have been groundless, it has shaken industry and forced many to make harsh judgments.

At one point, Bitcoin lost about a third of its value within a period of one week, causing Bloomberg analysts to declare the currency "no more boring" in response. According to the team, the accident was caused by the Bitcoin Cash fork pump a few weeks earlier, subsequently causing a crumbling of the cryptographic values.

On November 26, the value of Bitcoin fell more than 80% since its value peaked in December 2017-January 2018, with a market capitalization of less than $ 100 billion for the first time 39; October of the previous year.

It soon became clear that the consequences of the crash would be far-reaching, with some Bitcoin miners in China and Sweden forced to close the mines because of the decline in profitability. In short, due to the collapse in prices, the expensive extraction process had become more expensive than it was worth.

The redundancies of the staff of the social media company Steemit were also attributed to the accident, with three quarters of its work force left behind due to increasingly difficult market conditions.

The managing director and founder Ned Scott said of the move: "While we were building our team in the last few months, we have based ourselves on fundamentally projections of a higher fund to the market. And since we do not c & # 39; it's more, we have been forced to lay off more than 70% of our organization and start restructuring ".

The Enthusiast of Crypto John McAfee was a voice that came out of the calm, while pushing everyone to look forward to the "glorious spring" that would follow the current cryptic winter.

In a colored tweet He said, "People have been panicking, but there's no need to fuck, we're in a bear market, they suck, yes, and not like a toothless prostitute, but I'm 73 and I've seen this Dozens of times in many markets Bear markets are like winter, it's always followed by a glorious spring.

Lou Kerner, executive partner of Crypto Oracle, also spoke with words of encouragement, comparing the encryption in its current state with Amazon during and after the dot-com boom: "If you go back to the internet bubble, which is what many of we encrypt to look for a direction, Amazon, probably one of the largest companies in the history of mankind, was down more than 95% in two years.

"Crypto has been so weak because most of it has no underlying value outside of trust, but Bitcoin, in turn, thinks it will replace gold at the end … It will not happen for a day at all. 39; other. "

And more recently, the forecasts have been more positive, with the expert crypts Mike Kayamori telling investors to resist until the market turns, with the approach of balance. After this, prices will start to rise again, he said, but it is clear that the "winter crypt" will remain for a while in the mind of the community.

Image: BigStock

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