It’s been a rough time if we look at what Happened to cryptocurrency lately, with its brilliant gains gone in less than a week.
2017 was a good year for Bitcoin, with its starting sum of $1,000 in January, sum that got to the immense record of $20,000 in December. That didn’t last for long, given the situation of the market losing, when on December 22nd, Bitcoin decreased to $11,000. It’s been said that it has managed to rise to $13,000, but we cannot trust the price just yet.
Why is this happening?
This situation was caused by a trade between the employees and has redeemed the Coinbase, one of the biggest Bitcoin exchanges.
Also, CBOE and CME got certain contracts suspended because of this changing of the price. These contracts consist in placing bets on what the price of the Bitcoin might be in the future.
What’s the opinion on this?
Charles Hayter (founder of Cryptocompare) stated that it’s all about the feelings. After a high rise in prices, people started to feel that and their mood changed. And with that mood change, the prices changed too. And now people are becoming suspicious after that trading that happened. They’re saying that it’s not okay for trading to just happen offline at any moment of the day, because it’s important for their confidentiality and their prices to stay still. They’re also thinking about the global changing of the prices, considering important holidays, like Christmas and New Year, which is also a bad time for savings.
What should we do?
With all of these opinions, people started to believe that it’s all just a big scam. And given the whole situation, authorities had started to give warnings about making investments into the market.
Financial Conduct Authority also took part in this game and stated that people should be careful and prepare themselves to lose all their Bitcoin savings, just in case.
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