Bitcoin had begun to hit a period of relative stability after a turbulent month of trading in November. The asset has now hit its lowest point in 2018. The typically volatile virtual currency has steadily fallen in value over the course of 2018.
Despite the asset’s recent gloomy fortunes, numerous cryptocurrency experts and commentators have touted the digital currency’s potential.
CoinCorner’s co-founder and CEO, Danny Scott, told Express.co.uk: “If we look back over Bitcoin’s short 10-year history, it has experienced many price fluctuations – something that is to be expected given that the industry is still very young.
“It’s widely known that Bitcoin has allegedly ‘died’ more than 300 times to date.
“This ‘death’ refers to predictions from critics that bitcoin won’t survive the changing price movements – yet it hasn’t died on any of those occasions and, instead, has continued to gain mass adoption.
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“There have been a number of sizeable price movements over the years which have typically gone unnoticed by anyone except those within the industry.
“For example, in 2013 we saw the price drop 49.88 percent in just 14 days, which is a bigger drop than the one we have experienced over these last two weeks.
“By looking at bitcoin’s historical price movements, we can all clearly see that price movements such as the most recent in November, are nothing out of the ordinary for the bitcoin industry.”
Cryptocurrency platform CoinDesk put Friday’s losses even lower, with their charts showing the asset to bottom out at $3,310 (£2,600) at 1.28am.
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But at the time of the writing, it appeared to start to recover after the price plummet.
Of the asset’s recent volatility and potential regulation, GlobalBlock’s Angus Campbell said: “Many are still hoping that possible good news from the SEC will come shortly to give BTC a much-needed boost and kick start, but there is a growing feeling that the decision may not be as ground-breaking as some think.
“A sign-off of a Bitcoin Exchange-traded fund (ETF) will open the market up for further ETFs to be agreed and there are many that see a direct correlation to what happened to the price of gold once the first gold ETF was established i.e. a long bull run.”
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More to follow…
Source : EXPRESS