Bitcoin prices have been very unstable over the past few months. While the currency was on a growth rally for much of late 2017, it feels like an exactly reverse trend has formed of late as the price of the currency appears to be on a constant state of decline. While it appeared that Bitcoin prices had stabilized over the past week – it has now become clear that this is not the case.
Bitcoin price did manage to stay above the $10,000 mark for 10 days straight – but it was all a downhill ride since then as the currency’s price began to fall. Two major reasons have been identified to have caused this fall – first off, the panic caused last week by Binance amid rumours of a hack. There was a lot of commotion around a hack that wasn’t. However, irregular trading at Binance caused a panic in the markets.
The second, bigger reason is the fact that it has now become public knowledge that much of what happened to Bitcoin prices (and the cryptocurrency markets at large) was due to one Mt. Gox Bankruptcy Trustee based in Japan – who has been selling of hundreds of millions of dollars worth of Bitcoins, and still has close to $2 Billion worth of Bitcoin to sell off. This has caused many users to understand how easy it is to manipulate the markets by those who have large holdings.
Further, exchanges around the world are facing strong governmental regulations. Japan has been sending a number of exchanges strict warnings about upgrading their security, two major Indian cryptocurrency exchanges shut down last week. Similarly, the SEC going strict in the US too, is contributing to this price fall and market slowdown. Expect a slower week or two moving forward into March.
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Check out our detailed coverage on the following cryptocurrencies as well:
- Ethereum (ETH) Price Update as on 11 March 2018
- Ripple (XRP) Price Update as on 11 March 2018
- Bitcoin Cash (BCH) Price Update as on 11 March 2018
- Litecoin (LTC) Price Update as on 11 March 2018
- NEO (NEO) Price Update as on 11 March 2018
- Cardano (ADA) Price Update as on 11 March 2018
- Monero (XMR) Price Update as on 11 March 2018
- IOTA (IOTA) Price Update as on 11 March 2018
- Tron (TRX) Price Update as on 11 March 2018
- Verge (XVG) Price Update as on 11 March 2018
- DASH (DASH) Price Update as on 11 March 2018
- STEEM (STEEM) Price Update as on 11 March 2018
- OmiseGO (OMG) Price Update as on 11 March 2018
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.