Home / Business / Bitcoin, Ripple (XRP) and Ethereum were toasted during Thanksgiving: here's why

Bitcoin, Ripple (XRP) and Ethereum were toasted during Thanksgiving: here's why




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Bitcoin dropped sharply during Thanksgiving weekend, dragging the broader crypto market, including ripple (XRP) and ethereum, as last week. great sale-0ff it resurfaced, destroying hopes The bitcoin market had found a floor..

The price of bitcoin fell to a low of $ 3,604 according to the bitcoin price tracker of CoinDesk, before recovering above the psychological mark of $ 4,000. The price of bitcoin is currently hovering around $ 4,000 in the Bitstamp exchange in Luxembourg, as the volatility observed throughout November continues to & nbsp;Chaotic chaos for merchants, investors and stock exchanges..

The bitcoin price has now been reduced by 80% from the highs of almost $ 20,000 at the end of last year, while other large cryptocurrencies are multiplying (XRP) and the ethereal has been reduced in similar quantities. Bitcoin has lost around 40% of its value in just two weeks in November, & nbsp; the worst fall in bitcoin prices since April 2013.

Cryptographic streams, which include bitcoin, ethereum, curl and & nbsp; litecoin, showed an unprecedented growth in 2017, with a growth of more than 5000%, with bitcoin market leader that reached almost $ 20,000 per coin just before the new year. Since then, however, the entire cryptocurrency sector has declined dramatically, losing more than 80% of its value. (Photo by Jordan Mansfield / Getty Images)Getty

The fall of bitcoin prices over the weekend does not seem to be linked to any new news in particular, but the continuation of the massive sale started earlier this month by the bifurcation of the bitcoin cash cryptocurrency that ignited a civil war between the two factions of the bitcoin rival.

However, the low trading volumes during the holiday weekend mean that the market is more vulnerable to so-called "whales" moving large amounts of bitcoin, curl (XRP), or ethereal. When a major seller of coins sells, it can trigger automatic computer controlled sales orders that lead to sudden sales.

Bitcoin's 24-hour trading volume fell below $ 4 billion for the first time on Saturday night, the first time that trading volumes fell below $ 4 billion since November last year.

Ripple, the common name for the XRP digital token, has held up better than most in the November sell-off, driven by agreements it continues to inject with the traditional financial services industry as a provider of fast and fast cross-border transactions.

However, Ripple (XRP) has registered significant drops over the weekend, although it led the rally this morning, with an increase of 10%.

Even though many Bitcoin fans argue that Bitcoin is merely discounted for the cyber Monday before the so-called Santa Claus rally (which traditionally makes stocks around the world move high in the run up to Christmas), others are losing faith in the future of bitcoin and cryptocurrencies like the $ 700 billion route this year & nbsp; reinforces its control.

Many expected the bitcoin price to have found a floor last week at more than $ 4,000.Coindesk

Some think that the last bitcoin price drop will be of short duration and can be remedied by greater institutional participation and regulatory oversight of the cryptocurrency space.

"The latest drop in Bitcoin is evidence of the need for more regulatory oversight to give a boost to investor confidence," said Herbert Sim, commercial director of Cryptology, a cryptocurrency exchange in Singapore. "There is already a large amount of capital tied up in cryptocurrencies, which exceeds $ 100 billion, why allow it to remain a dishonest market?

"For space to move forward and investor confidence to stabilize, regulators should establish rules to separate weeds from roses in the cryptocurrency world.The supervision of the Wild West cryptocurrency will legitimize and, subsequently, stabilize the industry, which will allow you to reach the next step of maturity. "

"There are still a lot of people in this game," Stephen Innes, head of trade for Asia Pacific in Oanda, told Bloomberg last week. "If we start seeing a reduction of $ 3,000, this will be a monster, people will run through the exits."

Traders are seeing a sea of ​​greens in exchanges this morning as the price of bitcoins recovers after the sell-off.CoinMarketCap

Sonny Singh, the operations director of the US cryptocurrency payment processor. UU BitPay, believes that Fidelity, who last month announced the launch of an independent company dedicated to bringing crypto currencies to institutional investors, and Bakkt, a cryptocurrency platform backed by ICE scheduled to go into operation in January, will push enough institutional money into the crypto market to trigger a bull run in 2019.

"Across the globe, you're seeing the adoption of bitcoin and cryptocurrency products – there are different use cases around the world," Singh told Bloomberg. "If these traditional incumbents release their products as expected, they would see a price of around $ 15,000 to $ 20,000. [per bitcoin] by the end of next year, but that depends on when these products are launched because nothing moves fast in fintech. "

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Bitcoin plummeted during Thanksgiving weekend, dragging the cryptocurrency market, including ripple (XRP) and ethereum, while the huge sale last week was recovering, destroying the hopes of that the bitcoin market had found a floor.

The price of bitcoin fell to a low of $ 3,604 according to the bitcoin price tracker of CoinDesk, before recovering above the psychological mark of $ 4,000. The price of bitcoin is currently hovering around $ 4,000 in the Bitstamp exchange based in Luxembourg, as the volatility observed throughout November continues to cause chaos for traders, investors and exchanges.

The bitcoin price has now been reduced by 80% from the highs of almost $ 20,000 at the end of last year, while other large cryptocurrencies are multiplying (XRP) and the ethereal has been reduced in similar quantities. Bitcoin has lost about 40% of its value in just two weeks in November, the worst bitcoin price drop since April 2013.

The cryptocurrencies that include bitcoin, ethereum, curl and litecoin showed an unprecedented growth in 2017, with a growth of more than 5000%, with bitcoin leading the market with almost $ 20,000 per coin just before the new year. Since then, however, the entire cryptocurrency sector has declined dramatically, losing more than 80% of its value. (Photo by Jordan Mansfield / Getty Images)Getty

The fall of bitcoin prices over the weekend does not seem to be linked to any new news in particular, but the continuation of the massive sale started earlier this month by the bifurcation of the bitcoin cash cryptocurrency that ignited a civil war between the two factions of the bitcoin rival.

However, the low volumes of trade during the holiday weekend mean that the market is more vulnerable to so-called "whales" that move large amounts of bitcoin, curl (XRP) or ethereal. When a major seller of coins sells, it can trigger automatic computer controlled sales orders that lead to sudden sales.

Bitcoin's 24-hour trading volume fell below $ 4 billion for the first time on Saturday night, the first time that trading volumes fell below $ 4 billion since November last year.

Ripple, the common name for the XRP digital token, has held up better than most in the November sell-off, driven by deals it continues to inject with the traditional financial services industry to offer fast and cheap cross-border transactions.

However, Ripple (XRP) has registered significant drops over the weekend, although it led the rally this morning, with an increase of 10%.

Even though many bitcoin fans argue that bitcoin is merely discounted for the cyber Monday before the so-called Santa Claus rally (which traditionally causes stocks around the world to move high in the run up to Christmas), others are losing faith in the future of bitcoin and cryptocurrencies as this year's $ 700 billion loss tightens their grip.

Many expected the bitcoin price to have found a floor last week at more than $ 4,000.Coindesk

Some think that the last bitcoin price drop will be of short duration and can be remedied by greater institutional participation and regulatory oversight of the cryptocurrency space.

"The latest drop in Bitcoin is evidence of the need for more regulatory oversight to boost investor confidence," said Herbert Sim, the commercial director of Cryptology, an exchange of cryptocurrencies in Singapore. "There is already a large amount of capital tied up in cryptocurrencies, which exceeds $ 100 billion, so why allow it to remain a dishonest market?

"For space to move forward and investor confidence to establish, regulators must set standards to separate weeds from roses in the cryptocurrency world, having supervised the cryptocurrency Wild West will legitimize and subsequently stabilize the industry. will allow to reach the next step of maturity ".

"There are still a lot of people in this game," Stephen Innes, head of Asia Pacific trade in Oanda, told Bloomberg last week. "If we start seeing a reduction of $ 3,000, this will be a monster, people will run to the exits."

Traders are seeing a sea of ​​greens in exchanges this morning as the price of bitcoins recovers after the sell-off.CoinMarketCap

Sonny Singh, the operations director of the US cryptocurrency payment processor. UU BitPay believes that Fidelity, which last month announced that it is launching an independent company dedicated to bringing cryptocurrencies to institutional investors, and Bakkt, a cryptocurrency platform supported by ICE programmed to operate. in January, it will inject enough institutional money into the cryptography market to trigger a bull run in 2019.

"Around the world, you're seeing the adoption of bitcoin and cryptocurrency products," said Singh to Bloomberg. "There are different use cases around the world. "If these traditional incumbents release their products as expected, they would see a price of around $ 15,000 to $ 20,000. [per bitcoin] by the end of next year, but that depends on when these products are launched because nothing moves fast in fintech. "


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