World’s biggest Cryptocurrencies Down: Is this the infamous Bitcoin Bubble Burst?
Jan 18, 2018 Posted / 9326 Views
After showing a 60-fold increase in the last past months, Bitcoin has amazed even the very optimist of the optimists. While, if looking at the graph for last 24 hours, Bitcoin has fallen by over 15%. The currency has lost as much as 50 percent from its Dec. 18 high, coming at 10k again. Ethereum, which stands at second, is showing a value of $900. And so is with ripple and alikes.
Is this something, we all were first sceptic about- the infamous Burst of Bitcoin Bubble?
Well, the top ten cryptocurrencies by Market Cap are down, what else this can be? This wobbling of Bitcoin is being compared with one of the largest Bubbles in history -the alikes of TulipMania and Mississippi.
In a reaction to the dip, South Korea Finance Minister Kim Dong-yeon said that "the shutdown of virtual currency exchanges is still one of the options" the government has.
But this dip wasn’t even wholly unexpected, right? Some Crypto experts are even terming the fall as ‘the one very awaited Correction in the Market’.
Some experts have a view that this dropdown in the crypto market is coming from Asia. Countries like Japan and Korea have the biggest Crypto Markets for sure, but the people here are getting smart by the day. They don't want to pay premiums as high as 20%. Many Bitcoin traders and exchanges are reportedly taking in huge premiums at this hike of the crypto price. The buyers are looking for a right time to invest in.
Another reason can be the reports emerging from South Korea that the country is soon going to come up with a bill banning crypto trading.
Another news report by Reuters talks about China asking authorities to exercise a complete ban on centralised crypto trading.
Media reports floating around, claiming that the Russian President Vladimir Putin, looking onto releasing first of its kind Multinational Cryptocurrency, “Pax Crypto” to be used worldwide, seems to have minimum effect on the crypto charts. If not anything Vladimir’s another recent statement which points him emphasising the need to put regulation onto digital currencies, has gained all the highlights. The recent shocking trends come down to one query alone- ‘Is Bitcoin a bubble?’ We will surely fetch its answer sometime and that too with sheer assurance over the time with more crypto market graphs to analyse!
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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