Different reasons took Bitcoin to the lowest point in the last month. Among these situations, Bitcoin Cash started to be traded in Coinbase and GDAX. Apart from it, a lot of FUD was spread by mainstream media like CNBC and other important newspapers. Besides that, Bitcoin Cash was suspended from Coinbase after a possible insider trading.
Different regulations kept coming out around the world like in South Korea. The government was closely following different cryptocurrency exchanges. The intention was to regulate them with better Know Your Customer (KYC) and Anti Money Laundering(AML) policies.
Furthermore, more news went on arriving from this Asian country. According to different governmental institutions, North Korea was behind the hack of one cryptocurrency exchange in South Korea. YouBit was hacked and more than 4,000 BTC have been stolen. The company went bankrupt and will not operate anymore.
The price fell down due to several reasons. There is a multi-causal explanation. As we are in the last days of the year, many investors are taking some profits. Every single year since 2013, Bitcoin loses part of its value between December and January.
What can we Expect Now?
At the moment, Bitcoin has increased 50 percent in the last hours. Its market capitalization arrives at $258 billion dollars and the whole cryptocurrency market has now $580 billion dollars’ market capitalization. Other cryptocurrencies have followed Bitcoin’s downward trend and now they are all operating positively.
Litecoin is growing 24 percent in the last 24 hours, Ripple is up 12 percent, Bitcoin Cash 30 percent and Ethereum 14 percent. Bitcoin’s market share has also been reduced in the last weeks. Now it controls 43 percent of the market, the lowest point since July. It is important to mark that in July; Bitcoin Cash did not exist yet. That means that if Bitcoin Cash would not be here now, Bitcoin would account for 50 percent of the total cryptocurrency market value.
Several experts believe that the cryptocurrency market has yet a lot to offer. That means that most of the important currencies will keep increasing their value during the next year. Countries will keep imposing different restrictions and regulations. It will be a key topic that we should closely follow and analyse.
What do you think that will happen during the next year? Will Bitcoin go on growing or not?