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Falling Down! Bitcoin Once Fell Below $5,000 To Hit A 13-month Low
Nov 20, 2018

November 20th According to the British "Financial Times" reported on the 20th, Bitcoin and other cryptocurrencies fell again on Monday. Investors' sentiment towards the market outlook continues to deteriorate, after one of the major cryptocurrencies appeared “hard forks” and regulators also strengthened supervision.

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According to Coindesk's data, Bitcoin (the first and most famous cryptocurrency) once fell below the $5,000 mark in early trading and hit a 13-month low, closing at $5056.53, down 7.3. %.


Other cryptocurrencies fell even more, with Ethereum, the third-largest digital currency by market capitalization, down nearly 12% to $150.72. Litecoin and Ethereum fell by as much as $36.95. Ripple (XRP) associated with Ripple is the best performing virtual currency, falling only 2.9% to $0.4958.


Monday was the 8th day of the Bitcoin connection, and the cryptocurrency that caused the price to fly soared by 75% from the nearly $20,000 high reached in December 2017.


According to the report, the recent decline occurred after the so-called “hard fork” of Bitcoin cash. The cryptocurrency, which was cloned as the original bitcoin, split into two different versions on Thursday, as developers and miners of the coin could not agree on their future direction. The split of bitcoin, and the prospect of smaller cryptocurrencies will also split, raise questions about the diversification that these moves may have on the value of existing cryptocurrencies.


The report pointed out that the cryptocurrency website CoinMarketCap currently has more than 2,000 cryptocurrencies in the price list. Bitcoin was introduced a few months after the collapse of Lehman Brothers in the fall of 2008. It took advantage of people’s distrust of the government and the country’s support currency. But recent events have highlighted the chaotic nature of the industry and whether cryptocurrencies can be a reliable means of value storage.


The report also pointed out that all of this happened when the regulatory authorities stepped up supervision of the industry.


According to the report, two companies that raised cryptocurrency through the first token issue (ICO) in 2017 were ordered by US regulators to return funds to investors last week because they did not register ICO as securities. The US Securities and Exchange Commission and Paragon Coin and CarrierEQ reached a settlement, raising concerns that other companies will also be forced to follow suit.


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