Published: Sat, September 08, 2018
Money | By Ethel Goodwin

Bitcoin and other cryptocurrencies suffer a sudden crash

Bitcoin and other cryptocurrencies suffer a sudden crash

While other cryptocurrencies abound, Bitcoin remains the most important and popular - especially for millennials. Though it is an unexplained market behavior, there are experts thinking that it's panic selling that has triggered the situation.

Besides Bitcoin (BTC), the study also surveyed the popularity of Ethereum (ETH), Litecoin (LTC), ZCash (ZEC), Dash (DASH), XRP (XRP), Monero (XMR), Cardano (ADA), Stellar (XLM), NEO (NEO), EOS (EOS), NEM (XEM), Dogecoin (DOGE), Midseason/SafeCoin, Lisk (LSK), and Storjcoin X. A fund holding the currency could attract more investors and push its price higher.

Ethereum's price fell to a 12-month low of $228.8 today, falling below the $255.05 of September 17, 2017, fulfilling expectations of those who have predicted a weakening of support that ICOs have bestowed on the second largest cryptocurrency since early past year.

"Currently, we do have a small bearish correction but the buy signal is still on and we should be still aiming higher. Traders should be cautious". He said that "Looking ahead, there is plenty to be positive about though". Bitcoin went on to increase from around $900 to $18,000 in the course of the year.

In 2017, Bitcoin's value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year.

But is there a chance that Bitcoin makes a comeback?

Beyond bitcoin, the rest of the market did not fare well. On the news, bitcoin belched up more than 5% in minutes. Bitcoin dropped roughly 5 percent, falling below $7,000.

It also shows that 15 percent of the respondents feel they have missed out on bitcoin, but doesn't plan to purchase any since it's too late to do so. The agency mentioned the same reason for the rejections-price manipulation.

What on earth is a Bitcoin ETF? Apparently, the team working on the project came to the conclusion that the current regulatory environment isn't conducive for a banking institution to try its hand in cryptos.

Even though there was no major incident that could have possibly slackened the crypto market performance, a slew of speculations has erupted in the wake of the crash.

Losses in Ether accelerated in August as some start-ups paid in the digital currency during their Initial Coin Offerings cashed out to cover expenses, and on concern about broader price declines among virtual currencies, according to industry watchers. As for Vitalik Buterin, the co-founder of Ethereum, he believes that mass adoption is what the market really needs.

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