Bitcoin Prices Take A Nose Dive

The price of Bitcoins have gone down again and this time, below $5,000. This has extended the loss that was incurred early in the month. It prompted a decline of 75% from their peak. Read more on how Bitcoin Prices Take A Nose Dive below:

The heart of the matter:

The crypto-currency has extended as little as $4,951.47. This has been the least amount reached in almost a year in the reports of the CoinDesk price data. Around the globe, there has been no other digital currency as big as Bitcoins. As of recent times however, it has been dwindling by means of a sustained bear market. It has prompted many market analysts to ponder on the idea of when this crypto-currency can break the shackles.

A bunch of noteworthy occurrences were able to pull in notable attention as of late. In particular, the bitcoin cash hard fork and the ICO market’s continual difficulty has garnered much attention.

The War:

As you may know, the Bitcoin cash just went through a hard fork. It was an event that split it into bitcoin cash ABC and bitcoin cash SV. These are two separate block-chains having varied rules.

Bitcoin cash SV have been given the nod by the self-proclaimed innovator of Bitcoins, Craig Wright. On the other hand, bitcoin cash ABC has been backed by Roger Ver, yet another hugely visible advocate for the digital currencies. In fact, the creator and CEO of the digital currency platform CryptoCompare, Charles Hayter had this to say:

“The bitcoin cash fork has left bad blood in the industry,”

Hayter wasn’t the only one with the same point of view as Joshua Frank of TheTIO.io had said:

“Interestingly, we saw the long-term sentiment of Bitcoin drop negative on November 7th, and the sentiment has continued to fall following Bitcoin’s price plunge on November 14th,”

He further added that:

“The Bitcoin Cash fork, and the infighting within the crypto community has definitely had a negative impact on price,”

The market for the ICO is going through some hard times as of late, with a lot of investors becoming spooked with the U.S. Securities and Exchange Commission (SEC) continuing to crack open the spontaneous sales of digital tokens. You are reading about how “Bitcoin Prices Take A Nose Dive”.

This Friday, the SEC made the announcement that they have made a settlement with Airfox and Paragon Coin Inc. They were the ones who held the ICOs following the warnings of the government agencies in which they stated that digital tokens sold from these benefactions may be categorized as securities.

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Adeeb Imtiaz

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