Bitcoin price falls below $4,000, as cryptocurrency market continues to plummet

Randal Sanchez
November 27, 2018

"If you missed out in 2014, 2015, 2016 and 2017, now's the time", wrote cryptocurrency analyst Joseph Young in a Tweet, referring to the opportunity for investors to buy Bitcoin at $3,000 and Ether at $100.

Earlier this year, Anthony Pompliano, noted investor and Bitcoin proponent, altered his prediction from the beginning of the year to state that Bitcoin may go as low as $3,000 - but he is still highly optimistic and believes that bear markets help weed out investors who have simply jumped on the bandwagon. Last year, Bitcoin was all talks of the town and other cryptocurrencies were booming. It has lost 74% of its value so far this year, after hitting almost $20,000 in December last year.

Bitcoin Cash ABC [IOU] can be bought or sold on these cryptocurrency exchanges: Poloniex.

Bloomberg reports that virtual currencies have lost more than $700 billion in value since the market peak in January. The struggle created market uncertainty and drove down its price by nearly 50%, contributing to the slide in Bitcoin as well. The term refers to the price at which mining a cryptocurrency is no longer profitable. These thresholds were calculated based on the assumption that the miners are paying 0.4 yuan ($0.05) a kilowatt-hour for electricity. "People will be running for the exits". He didn't specify what those other financial products were.

Therefore, more than 50 of the largest publicly traded companies in the world now have market cap's that are larger than the entire crypto market. Tether is one example.

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Pinpointing reasons for the market's decline is virtually impossible, but the general consensus is that a combination of Bitcoin Cash's hard fork, Bakkt's delay and market manipulation has scared skittish "tourist" investors into selling their Bitcoin - and sell-offs have a snowball effect.

However, stable coins have not always been stable. Bitcoin broke below the major support level at $6,000 while last week it broke the $5,000 level which was another big round level for Bitcoin.

He then touched on crypto's regulatory scene, adding that cryptocurrencies, especially ICO-funded tokens, are starting to get squeezed by regulators, as seen by the SEC's recent crackdown on AirFox, Paragon Coin, and EtherDelta's founder.

While the original Bitcoin Cash was at the center of a naming controversy when it split from Bitcoin Core in August 2017, with BCH figurehead Roger Ver claiming the coin to be the true iteration of Bitcoin, the subsequent hard fork on November 15th has been far more contentious.

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