Bitcoin price in free fall as cryptocurrency plunges past seven-month low
On the 13th of June, 2018, Bitcoin prices faced a great downfall of $400 in just about few hours, which made the prices of Bitcoin below $6,500. With this, the Bitcoin prices had hit a seven month low.
In the previous week of the same month, the prices of Bitcoin crashed due to the hack on the cryptocurrency exchange. This had resulted in a sell-off of large amounts, and it had also coincided with the research that mentioned that the Bitcoin value was artificially inflated in the year 2017.
The decreasing scenario
CoinMarketCap, had suggested that, “The sharp drop in bitcoin prices has been reflected across the cryptocurrency markets, with all of the top 10 most-valuable digital currencies falling between 7 percent and 13 percent over the last 24 hours.”
The most valuable cryptocurrency in the entire world had hit a high of almost $20,000 in the late 2017, which led to the steady decrease in prices. This further resulted in the 2018 low.
Among the valuable cryptocurrencies that faced a downfall, was Ethereum. It had faced a hard downfall below $500 for the first time ever since April.
Bitcoin, on the other hand, was trading at a price of about $600 at the beginning of this week. But just after the news about the hack in South Korean’s Cryptocurrency exchange – Coinrail, was announced, the prices faced the major downfall.
It soon recovered on the 12th of June, Tuesday, but due to an article published by the University of Texas’s researcher about the artificial inflation, the prices fell even more.
The COO of Blockbid, David Sapper, said the following to The Independent, “Hacks on exchanges aren’t a new thing and prices of cryptos will recover as they have done so before,”
Hence, clearly few are still optimistic about the crypto value.