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People are crying with sore eyes as Bitcoin price drops hugely

Dec 22, 2017 Posted /  3129 Views

People are crying with sore eyes as Bitcoin price drops hugely

In a sad reversal of events, the price of bitcoin which elevated significantly in the last months of the year 2017, dropped more than 30 percent in four days and is currently standing $13,924 (at the time of writing this article). Moreover, it seems like that in the upcoming days it will head towards even worse territories.

Many analysts are bracing that the Bitcoin price is dooming towards its eventuality. The new boarders of the most popular cryptocurrency are confused with the substantial drops in the value and doubtful what to expect next. The new contributors are looking for a specialist perspective now, asking to explain the past crashes and future potentials.   

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Be the growing propels or the downhill in the value of Bitcoin, it seems the Bitcoin drama is ensuring that the currency remains in the news. The currency has already has trodden and reached below its last price weakness of 10 December. However, these kinds of communication and media spotlights are not helping Bitcoin at all, and the critics are coming up back with bubble stories.

Nonetheless, several stories are floating in the market for the potential reasons for the Bitcoin crash. Mempool congestion, internal politics, higher transaction fees, exchange bankruptcy, and charges of insider trading among one of the more popular US platforms include some of them.

Readdressing the History

Bitcoiners confidence matched the accomplishments, and in two years it attained uniformity with the US dollar, a landmark countless people had faith. Slowly and steadily, it broke out and climbed to 19.00 USD. The year 2012 began with a terrifying 36% crash. But by the middle of the August, the price was out of bed by double digits. That was until the time it shrunk again by more than 50% and came back downstairs to single figures.

After brisk accomplishments in 2013, and driving on instead bull tear, December again showered a cold rain. There were yet another exchange dumps, and China started circulating warnings, and still, the BTC price slipped more than half. There were several crashes by the end of April, but it solidified again. That’s while it degraded from 1,200 USD to less than 600, what could seem as late stumble.

2014 was a distinctively despondent year for the digital asset. The currency and the enthusiasts suffered arrests; Silk Road shuns, the escalating heated arguments, DDoS attacks, and, of course, the infamous vanish of Mt. Gox. Some feel that the ecosystem was still trying to convalesce from 2014 in many ways.

However, the 2015 and 2016 did see comparatively less crashes and a smooth journey for BTC price. Even at the start of the year 2017, BTC slipped by 30 percent as China begun contemplating on more significant restrictions. However, scarcely anyone called it a crash-laden year, but there have been a few dips.

The tendency of nearly a decade now, however, cannot determine the future movements, but bitcoin should not be sustained with the idea of street calling campaigns. Many people are working to build the project and accordingly they are into the period of consolidation. If BTC maintains its value (and particularly if believers push for its steadiness), people will choose to support it.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Bitcoin price drops bitcoin value Bitcoin crash Bitcoin Bubble

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