Last week, bitcoin ceased to be boring – in just a few hours the BTC rate reached an annual minimum and crossed the mark of 5.8 thousand dollars. The month of calm is over, the drama begins.
According to Bloomberg, analysts predict the collapse of the bitcoin exchange rate to 1.5 thousand dollars, that is more than 70% of the current level. Quite a disturbing picture, given that on November 14, the cryptocurrency lost 12% per day and more than 60% of its value this year.
The founder of the hedge Fund Ikigai Travis Kling admitted that the collapse of the course, including many altcoins, may be associated with the hard fork Bitcoin Cash. In his opinion, there is a small chance that the result will negatively affect the entire crypto market. Other investors believe that two versions of the Bitcoin Cash chain can” take away ” investments and miners from the first cryptocurrency. This opinion was voiced by Bloomberg analyst Mike McGlone, noting that the decline was caused by the pump for the hard fork.
On the probable connection of courses and hardforum Bitcoin Cash talked for a long time. The reason for concern were loud and not quite friendly statements of Bitcoin SV supporter Craig Wright – Craig Wright) – he hinted that he wanted to “erase” the competing Protocol with an attack of 51%. Then analysts allowed bitcoin to fall to 4 thousand dollars at once, although there were those who predicted the growth of the BTC rate to the previous values of 6 thousand.
The bad news didn’t end there. Weak sales figures for the current quarter were released by Nvidia Corp., explaining this phenomenon by the continuing loss of demand for mining. The drop in Nvidia shares demonstrates a future with low interest in digital assets, says Peter Mallouk, President and co–head of investment at Creative Planning. Respondents Coinlife analysts disagreed, foreseeing the stabilization of the exchange rate of bitcoin from $3100 to $5500.
In the meantime, the situation on the market does not look the best. At the time of writing, the bitcoin rate stood at around 5.4 thousand dollars, losing 2.85% over the last 24 hours. At the moment, the market capitalization of the asset is 94.7 billion dollars.
Altcoins, included in the top five, also fall in price: XRP lost 5.92% ($0.5), Ethereum – 7.34% ($163), Bitcoin Cash – 4.35% ($375). Stellar fell by 5.75% to 0.2 dollars. The total market capitalization is 177.8 billion dollars.
- Oanda analyst: when falling to $3 thousand, bitcoin will start losing investors
- The bitcoin exchange rate on Thursday 11 October 2018 went down, dragging the rest of the cryptocurrency.
- Altcoins become more attractive than bitcoin
- Brian Kelly predicted the resumption of growth of bitcoin
- Bitcoin exchange rate on October 10: prolonged calm in the crypto market will turn into a storm