At the start of this week Bitcoin, once again, retreated back its price which has kicked off a lot of cryptocurrencies to suffer losses in its biggest weekly loss since the start of the year.
If we look into the history books we can see that the 80 percent drop from its high in December is the third biggest drop for Bitcoin since it was designed ten years ago. The 93 percent crash in 2011 and the 84 percent drop from 2013 to 2015 in the wake of Mt. Gox exchange hacking ‘dwarf the pain’ that crypto traders have gone through in 2018.
Despite this, if you look at all the buying and selling that has brought the world biggest cryptocurrency to such a lot you can put your finger on what caused it. According to the Chief investment officer at crypto hedge fund Ikigai, Travis Kling, between renewed pressure from the Securities and Exchange Commission and concerns stemming from the recent Bitcoin cash fork an endless spiral to the bottom which might continue next year.
As reported by Yahoo Finance:
“In the months before a proposed bitcoin cash fork that split the popular cryptocurrency into two distinct networks on November 15, bitcoin had largely bounced around a range of $6,200 to $6,600.”
Following this, the leading cryptocurrency fell and it fell hard. However, after this the battle that ensued between the two arguing factions led by Roger Ver (AKA Bitcoin Jesus) in one corner and Craig Wright (billionaire investor) in the other. Both of their aims had hoped to attract miners to their forks of Bitcoin Cash to bring in their newly established currencies as a dominant coin.
During this war, the billionaire investor had threatened miners deciding which camp to back with the possibility of him having to drop all his Bitcoin to sustain this war over Bitcoin Cash.
To all BTC miners...— Dr Craig S Wright (@ProfFaustus) November 14, 2018
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well... we think BTC market has no room... it tanks.
Think about it. We will sell A Lot!
And, have a nice day
(BTC to 1000 does not phase me) pic.twitter.com/oUScEahtWc
What are your thoughts? Let us know what you think down below in the comments!