Based on Coinbase’s GDAX exchange, we can see that bitcoin reached a low of $12,712.00. This is a drop of over 36% compared to the highs of $19,891.99 last week. That’s a huge decline of over $7,100!
Todays low point was halted at the upward trendline from November to December.
Head of trading for Asia Pacific, Stephen Innes, says that “”at the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top”.
Out of the top 5 cryptocurrencies, only one managed to rise today. Ripple has seen a jump to the 3rd highest market cap, rising ahead of Bitcoin Cash. Ethereum, Bitcoin Cash and Litecoin all faced heavy losses alongside Bitcoin.
There is one possible reason why Ripple has managed to keep stable. Last week, 60 banks in Japan and South Korea announced that they would be using Ripple’s blockchain technology to test inter-bank transfers.
Other than Ripple’s slight fortune, no good has come out of today for the Crypto world. Could this be the start of the end? Or is this merely a bump in the road? Only time will tell.
Original Image Source: Flickr