Once again, Bitcoin was announced dead this week as the cryptocurrency market took a deep fall in value. Bitcoin dropped under $10,000 as others followed suit with even deeper falls as the panic extended about a burst bubble.
But, the negative diagrams across the board took a positive meaning as most of the numbers turned green across the major coins. The crypto market has generally been in a downturn since Bitcoin hit the $20,000 elevation, but this recent crash caused real fear and panic.
Bloody combat across the board
As the proverb goes, a rising stream floats all boats, and vice versa, the same happens when the stream drains. In short, when Bitcoin is on the wave, many coins follow, but as it has been in the last week, the whole cryptomarket took a hit as Bitcoin led the way in loss of price.
In point of fact, most of the top 10 cryptos, and the more established and popular ones fell harder than Bitcoin, leaving nowhere for digital currency investors to escape – other than out.
There was a big reflux of money from the cryptocurrency market in these latter days, with the general cryptocurrency market cap falling from over $700 bln to $400 bln.
It was estimated that Bitcoin’s drop – from almost $14,000 to just under $10,000 equated to a 30% swing, which, looking back in history is relatively normal and anticipated.
Bitcoin faced 3 similar, if not laarger falls in 2017:
While not out of the forest yet, the crypto market certainly looked a lot more positive as the floor seemed to be reached and green numbers were showing a turn in fortunes.
The argumentation behind the latest collapse can, to a large extent, be put down to the embarrassment that has been coming from Korea on imaginary plans to ban cryptocurrencies in the growing Asian market.
In these latter days, the country’s citizens spoke out about these rumors, making their position known with a petition containing 200,000 signatures, demanding the government’s respond.