Bitcoin Extends Losses, Slides under $3500 to Lowest Since September 2017
Since its inception, Bitcoin’s popularity has been increasing and its value has also risen to an
unexpected level. But popularity and prediction could not help Bitcoin this time. Amid all these
news the crypto-currency Bitcoin touched to its lowest. Bitcoin extends losses, slides under
$3,500 to lowest since September 2017.
This time Bitcoin had a hard and rough weekend. Coming off a week of high losses, Bitcoin
dropped down to 10% and has set a fresh low at $3,447.58 on this Sunday. According to the
information from CoinDesk, this is the cryptocurrency’s lowest level performance since
September 2017. So what is going to happen now, is Bitcoin going to rise or not..
Last Seven Days Trend
Over the last seven days, Bitcoin has lost more than 35% of its value. This information is
displayed on CoinDesk. This evaluation directs that it is the biggest one week drop since April
2013. The crypto-currency has fallen more than 44 percent, according to CoinDesk.
The recent downfall in its value started in mid-November. At that time, Bitcoin felt abruptly below
$6,000. Since then, Bitcoin the world’s largest crypto-currency continues to find its new lows.
And it has struggled to break out of the $4,000 range.
Previous Journey of Bitcoin
The November losses are a remarkable reversal from bitcoin’s strangely stable October. The
crypto-currency is trading comfortably in the $6,400 range after a turbulent year. While other
major US stock markets fluctuated.
Post-Thanksgiving or benediction, sentiments surrounding Bitcoin has changed dreadfully and
certainly from last holiday season. The crypto-currency was entering its remarkable height,
thanks to the wave of new retail investors, and climbed approximately $20,000.
These weekend losses bring bitcoin to years lowest to more than 75%. Other Major cryptos-
currencies also went down as much as 12 and 9% respectively. This data is
according to the CoinMarketCap.com report.
These lower level performances are marking as key exit points for some crypto-currency
traders. Bitcoin value going below $4,000 likely triggered “stop losses”. These were the
predetermined trading levels that often exacerbate the selling. Those bitcoin’s support levels
were parted as the crypto-currency dived to a new lower level.
In recently passed weeks, the regulatory crackdown has also weighed heavy on prices. The Securities and Exchange Commission announced first civil penalties against crypto-currency founders in last week. It was a part of a wide regulatory and legal clampdown on fraud and abuses in the concerned industry.
Last week, Bloomberg forecast reported that regulators are still investigating in spite of market
manipulation. Bitcoin rally to approximately $20,000 last year, was the reported market
The US Justice Department is still investigating the use of a tether to prop up Bitcoin by the
crypto-currency traders. Tether, a controversial crypto-currency that founders evaluated, is
backed 1:1 by the US dollar. This news was according to the report of three unnamed sources
familiar with the matter.
The news in the air that “Bitcoin extends losses, slides under $3,500 to lowest since
September 2017”, was unexpected. People were expecting that November 2018 performance
will prop up the Bitcoin’s value. But people’s sentiments toward bitcoin also changed drastically, especially
during the last holiday weekend. Instead of rising, Bitcoin value dropped down.
But do not worry to all these ups and downs. The crypto-currency market is ever increasing
industry in the digital world. The push given by Ohio State to accept the Bitcoin to pay taxes will
help in its further growth.