► The price of bitcoin has dropped to new low. It is now at nearly $4,600. That means it has lost close to 75 percent of its value this year. Some experts believe that it now could lose further value as it has gone below its support level. The world’s largest digital currency started the year at around $10,000 after reaching a historic high of $20,000 late last year. The price held steady for most of the summer and early Autumn hovering between $6,000 and $6,500. This led many analysts to believe that bitcoin had found its bottom and a new market equilibrium. In the first week of November, the digital asset began a sell-off taking the price below the psychological floor of $6,000.The bull run of 2017 was spurred on by retail investors in the holiday season as well as the introduction of bitcoin futures markets. Only a year later, bitcoin futures have hit their lowest level since introduction.Given that bitcoin is seen as the bell-weather cryptocurrency, other major cryptocurrencies took a hit in the price dump as well. XRP fell 5 percent in spite of recently passing Ether in market capitilization. Ether fell 13 percent. Speculation is rampant but many analysts point to the recent regulatory crackdown by the US Securities and Exchange Commission. Others place the blame on the recent hard fork of bitcoin Cash into bitcoin ABC and bitcoin SV. The so called “hash war,” may be adding uncertainty to volatile markets. It seems that the price drop is polarizing the space even more. Both sides are digging into their respective positions. Skeptics identify this as evidence of crypto’s fraudulent nature while supporters see it as the launch
pad for a new bullrun.
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