Bitcoin broke the bottom: the course reached a minimum in a year

Written by Hassan Abbas

The main cryptocurrency, as analysts predicted, began to fall in price. The average market rate of Bitcoin updated the annual minimum.  The new week began for the most popular cryptocurrency with a record fall. On Monday, November 19, the rate of Bitcoin fell by about 75% from last year’s December high and fell below the psychological mark of $5000. The fall continued on Tuesday.

At the time of publication of the news, the cost of one bitcoin was $4504.53. This is a minimum since October 2017. During the day, cryptocurrency lost in price more than $ 700. Analysts attribute the fall of Bitcoin to the decision of the US Securities and Exchange Commission to impose sanctions on two cryptocurrency companies that did not register their coins as securities, as well as the recent hard fork Bitcoin Cash, a process that leads to a split blockchain and new cryptocurrency.


For a bitcoin pulled and other cryptocurrencies. Bitcoin Cash (by 42.66% to $213.12), Ethereum (by 13.91% to $138.53), Ripple (by 0.37% to $0.477) and Stellar (by 10.05% to$ 0.21). The total capitalization of the cryptocurrency market for the first time in 13 months has fallen below $ 150 billion.

The fall of Bitcoin began in October after a period of stability, unusual for a deliberately unstable cryptocurrency market. In October, bitcoin was trading at $6,400, and last week its exchange rate fell sharply by 9% to $5,390. The maximum of this cryptocurrency reached in December last year, when its rate was almost $19,000, forcing everyone to pay attention to it. True, in four weeks the cost of Bitcoin fell below $10,000. Experts believe that the current fall is only the beginning. Analysts at Bloomberg Intelligence predict that in the future the value of the main cryptocurrency may drop below $1,500 per token. The signal for this was the recent Nvidia financial report, which reported a drop in demand for graphics processors after a cryptocurrency boom.

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About the author

Hassan Abbas

Tech enthusiast with too many items on his wish-list and not nearly enough money! Specializing in all things tech, with a slight Apple bent he has been writing for various blogs for the best part of (too many) years

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