Bitcoin and BCH in trouble?!
January 3, 2019 5:40 am,
Most of the top 20 cryptocurrencies are seeing discreet losses while few report discreet gains. Bitcoin’s BTC, price has lost value and has fallen below $3800 again. BTC is down over one and a half percent on the day, trading at around $3740. Looking at the weekly chart, current price is lower than $3814, price of BTC one week ago. The current price is lower than the Sunday high of $3961 and notably higher than the low of $3653 on Friday.
Bloomberg reports that revenue if the crypto lending company BlockFi has grown tenfold since June, after Galaxy Digital ventures invested $52.5 million in the firm.
Kerner, the founding partner of CryptoOracle, when asked why the BTC price plunged from its high record, he said it’s because the market got ahead of itself due to unchecked capitalism. He said virtual currencies and blockchain would eventually prove that they are far more revolutionary than first imagined.
When BTC price is as high as it is, a single percentage point is worth more than $30, so even a shift of 2% is notable. BTC was trading under $3600. Earlier this week, it was thought that the godfather cryptocurrency might make it back over the $4000 line, but things broke the opposite direction. This month it decline by 5% which was supposed to see Bakkt, the cryptocurrency starup launched by International Exchange, list the 1st physically settled BTC futures. Instead Bakkt delayed their launch until a yet to be defined date in 2019 while also announcing a $182 million funding round.
The already struggling market pulled out more than $15 billion from its total valuation in the last 48 hours. Last Christmas, as BTC was trading above $14,000 and the market was booming with demand from all over the world, a similar bear was triggered during the trading session on this day, the market shed around $26 billion.
The Bitcoin price dipped below the $3800 mark after promising a price surge to $4300 and the BCH price suffered a large decline from $230 to $170 within a one week span, losing 26 percent of its value against the USD.
The BCH, which forked from BTC in August 2017, was set to undergo its own hard fork in the middle of November. In anticipation of the free coins that would be produced in the split, investors began hoarding BCH, driving the price up double digits in the span of several days. However rather than waiting until the split to occur, the market responded with uncertainty and confusion, leading to a sudden sell-off in BCH which plummeted the coin’s price. The severe correction for BCH extended to the majority of the market, leading BTC and altcoins to suffer in the fallout.