Bitcoin Falls to Lowest Price Since February
The downtrend for Bitcoin’s price has continued as it dropped another 5% today bringing it down to its lowest value since February at $6,450. There is a great deal of speculation particularly in mainstream news outlets that the recent fall can be attributed to a $40 million dollar attack by hackers over the weekend on a Korean crypto exchange called Coinrail. After the exchange shutdown and some of the coins involved completely froze trading, the cryptocurrency market was hit hard by a $42 billion loss in total market cap. However, many in the cryptocurrency community are labeling these speculations of a loss of faith in crypto as the mainstream media’s most recent fud being hurled at all things crypto.
In an email to Bloomberg, managing partner at Austin-based crypto hedge fund Multicoin Capital named Kyle Samani stated regarding the recent downtrend, ‘I don’t think this is driven on any particular news, just the general downtrend after the 2017 run. A lot of people who bought at $9,000 in April are realizing that they’re not going to break even anytime soon, and are instead trying to get out.”
In December of 2017, cryptocurrencies exploded from a $40 to nearly $800 billion market cap with Bitcoin leading the way reaching record price highs of $19,511. However, the market has seen downward trends almost across the board since then. Bitcoin alone has depreciated by more than 60% this year and many are speculating that the price of Bitcoin has yet to reach bottom. Tone Vays, A popular twitter and YouTube bitcoin price analyst, has predicted potential lows for Bitcoin to reach down to $4,500.
Bitcoin hasn’t been alone in the 24 hour downward trend either. Today, all the top ten cryptocurrencies are at least 3%, with EOS and IOTA down over 8.5%.
Jacob Godshall is a former professional poker player turned cryptocurrency enthusiast. He is a contributing writer at Unhashed, and aims towards furthering the spread of ideas and important information surrounding all things crypto. In his spare time, Jacob enjoys reading and making electronic music