-Bitcoin news, price, information & analysis The Bitcoin bloodbath of 2018 continues as the leading cryptocurrency fell to a new yearly low of $5,885.41 and still descending. Marking an almost 50% price drop this quarter and down nearly 75% from its all-time high just 6 months ago.
Pundits, bulls, and bears all have their own theories on the factors that control the market. The market is volatile, crypto traders are emotional and the bubble is bursting are all ad-hoc fallbacks that supposed financial oracles rely on, but there are also real-world factors that have been laying Bitcoin low throughout the year. The shadow of the now legendary Mt.
Gox hack and all of the FUD that followed it continued to bloody the market waters this year as massive sell-offs of Bitcoin and Bitcoin Cash by the estate’s trustee was revealed. Over the course of a few months, roughly 36,000 Bitcoin and 34,000 Bitcoin Cash were dumped, possibly causing the market to bottom out at $6,000 in February.
Furious traders took to social media speculating that the market was being manipulated with Bitcoin essentially stolen from users. There’s been no shortage of attacks on exchanges so far in 2018, each causing price dips of their own relative to the size and severity of the hack.
Starting just after the new year when Japanese exchange Coincheck was taken for a jaw-dropping $534 million worth of the NEM token. Though the effects of the hack were felt throughout the space, a quick announcement by Coincheck that they intended to reimburse customers softened the initial blow. Read more from newsbtc.com…
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