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Over the past 24 hours, the bitcoin price has dropped from $15,900 to $13,000, recording a 19 percent decline in value.
The price of bitcoin fell sharply as the entire cryptocurrency market experienced a major correction. The combined market valuation of cryptocurrencies fell from $600 billion to $489 billion within a single day.
Analysts have attributed the recent decline in the price of bitcoin and every other cryptocurrency in the market to the latest bull run and strong rallies of the cryptocurrency market. Several cryptocurrencies including bitcoin, Litecoin, Ripple, and Ethereum have recorded nearly 100 percent gains in the past 30 days.
bitcoin in particular has recorded a 63 percent monthly increase in value since November 23, even with the recent price correction which sent the bitcoin price from $15,900 to $13,340.
Last week, as soon as the price of Litecoin recorded a staggering 150 percent increase in a three-day span, Litecoin creator and former Coinbase executive Charlie Lee cautioned investors and Litecoin users about a potential correction.
He emphasized that a strong rally or a bull run in the cryptocurrency market is almost always followed with a minor or a major correction
“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly,”
Large-scale corrections are beneficial for bitcoin and the cryptocurrency market because they prevent short-term bubbles from forming. Upon the occurence of corrections, the market shakes off weak hands and stabilizes, as speculators drop off.
Cryptocurrency analyst and researcher Robert Reid noted that bitcoin has had six major corrections during which its price fell by more than 30 percent in 2017. Each correction was followed by an increase in value of 76 percent, 237 percent, 183 percent, 165 percent, and 152 percent, as the market stabilized and prepared for new rallies.
bitcoin has “crashed” 30% SIX TIMES in 2017. Each “crash” has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. bitcoin takes 7 steps forward, 2 steps back, 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of . Relax!
— Robert Reid (@robertreidmd)
As it always had done in the past, the price of bitcoin will likely recover and gear towards a new all-time high in the upcoming weeks. The price of bitcoin has already recovered after falling to $12,000 merely hours ago. At the time of reporting, the price of bitcoin remains above $13,400 across major markets and exchanges.
In several regions such as Japan and South Korea, investors are still trading bitcoin with a huge premium, demonstrating that the demand for the cryptocurrency has not decreased largely over the past two days. On Bithumb, South Korea’s largest cryptocurrency exchange, the bitcoin price is $16,460, with a daily trading volume of $530 million.
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Ukraine’s bitcoin investment figures have shot up 500% in a single year, according to bitcoin Ukraine founder Andrey Dubetskiy.
The figures, which Dubetskiy revealed in to local news resource Payspace, represent growth from 500,000 hryvnia ($18,400) to 2.5 million ($92,000) hryvnia per week through 2016.
“The reasons behind the growth are the same as those throughout the world,” he told the publication.
Specifically, distrust of national currencies, an unstable economy, asset movement restrictions, the shadow economy, little choice and regulation of financial instruments, demand for digital and global financial instruments, growth potential for bitcoin’s price as an investment and many others.
Ukraine has become an active participant in both Blockchain studies and bitcoin as a consumer asset.
Despite its recent turbulent political and economic history, cryptocurrency usage has been fostered – or at least left untouched by premature regulation – and continues to serve as an investment alternative to the hryvnia, which since 2014 has lost two thirds of its value.
in Ukraine have also seen their best times ever in recent months, with weekly trading edging towards new highs each week.
“Considering the general upward trend in bitcoin’s exchange rate, the majority of customers are buying in order to profit from speculative operations, while some investors transfer a part of their assets to bitcoin,” Mikhael Chobanyan, CEO of local exchange Kuna.io, added.
In a bid to bail out its creaking economic infrastructure, Ukraine was forced to main lender Privatbank last December amid concerns “panic” would arise if things were left as is.
“Other banks would not be getting their loans back from PrivatBank, a series of bankruptcies would begin, and there would be panic,” Oleksandr Savchenko, head of Kyiv’s International Institute of Business, commented on the situation prior to the move being finalized.
On the Blockchain front meanwhile, a scheme involving the Central Bank to introduce the technology to governmental processes appears to be gaining momentum.
Q3 last year saw publication of a from the National Bank of Ukraine for its Cashless Economy scheme, which set out ways and deadlines for use of Blockchain in cases such as payments.
“The [National Bank of Ukraine (NBU)] Board has approved and presented a roadmap for Cashless Economy, which will use Blockchain technology in Ukraine for the first time,” spokesman Konstantin Yarmolenko wrote on Facebook at the time in a post subsequently removed.
Elsewhere, Ukraine was the first country in the world to sanctioned bitcoin futures trading on its national exchange. Investor interest was also given as the main motivation for the move, which authorities announced in the midst of the Privatbank debacle.
What do you think about Ukraine’s bitcoin growth? Are you there and seeing changes? Let us know in the comments below!
Images courtesy of Coin Dance, Shutterstock
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