Bitcoin is struggling to hold its position again, as the bears return to the market…
The nice and calm start to the year that cryptocurrency was enjoying came to a dramatic end yesterday. Suddenly on Thursday morning, the price of Bitcoin tumbled around 5% in less than an hour, and it set the pattern for a bad day for the market as a whole.
Heavy falls came in two clumps in the end across Thursday, and it was Bitcoin that first bore the brunt of it.
The first flash drop saw the currency drop back below $4000, just at a point where there was a feeling that $4000 had become the new floor for the coin. A second following mid-afternoon UK time, that saw a further $200 wiped off the price of the currency. At the time of writing, Bitcoin is now trading at $3663, nearly $400 down on its price at the very start of Thursday.
Where Bitcoin went, the rest of the market soon followed, and drops were recorded across the board. Of the leading coins, only ZCash and Tether offered much in the way of resistance, being able to hold their positions. Elsewhere though, Ethereum, Ripple, TRON and Litecoin were amongst the currencies to witness a near 10% drop each.
We thus head towards the weekend with the market at its weakest position of the year so far, and fears as to whether the bears are back with a vengeance, of whether this was just a blip. Unfortunately, those are variants of the questions that have dominated the crypto space for the last two months…
A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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