We all know very well that the market for cryptocurrencies has become red. As earlier we saw that how the well-known virtual cryptocurrency, of course, Bitcoin marked its historic high above $19,000. But, now everything seems changed a lot, yes, according to the latest reports, the well-known and most famous cryptocurrency, of course, bitcoin crashed.
OMG! Bitcoin Crashed!
The virtual currency bitcoin has already reached worth $19,000, but since the end of last year, the scenario has changed a lot. In January 2019 the currency still managed to rise up to 16,500 dollars but after that, the values never reached such values.
What is Bitcoin?
We can refer in generic terms that it is a virtual currency created in 2009, based on the peer-to-peer (P2P) system. P2P is a system that does not provide for centralized authority to control currency or transactions, as with other currencies (for example, the INR. is controlled by the RBI). Instead, money creation and transfers are based on an open-source network in encrypted protocols that form the basis of Bitcoin’s security and freedom, making transactions instantaneous among users.
The invention of a mysterious computer guru, who referred to his pseudonym Satoshi Nakamoto, this coin is created by means of a very complex mathematical formula.
After looking at the fluctuations of recent weeks, the situation seemed stable, and the famous volatility associated with crypto-coins was giving way. Now, this situation has been reversed and in recent days the well-known virtual currency bitcoin has lost a lot of value, and this fall is still going on.
The well-known virtual currency bitcoin, on Tuesday, traded for much lower than the typical value. In the maximum limit of the devaluation, the well-known virtual cryptocurrency bitcoin hit the mark of $4,491.72 USD, according to the data from the coinmarketcap. In terms of comparison, values were not reached so low for more than a year, in the days of October 2017.
This pressure and devaluation have been general to practically all the cryptocurrencies and tokens which already begun on 14 November. Since then, the most famous virtual cryptocurrency has lost about a third of its value, more than 30% and the outlook is extended to almost all other crypto-coins. On November 14, before the steep declines, bitcoin was traded at about $6350.00 USD.
The uncertain future of the crypto coins, namely derived from the hard stream of the well-known cryptocurrency Bitcoin that occurred in August of 2017, has led to the recorded loss of confidence that has become a snowball effect.
In addition, the announcement that Bakkt (the Intercontinental Exchange) has already postponed its availability of bitcoin trading, which has caused further damage to the value of the currency. This was one of the most anticipated moments for the companions of the sector that was thus postponed until January 24, 2019. So, what do you think about this? Simply share all your views and thoughts in the comment section below.