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Bitcoin's Slump Is Even Steeper Compared With Smaller Cryptos

20 January 2018

Bitcoin is rather a speculative commodity to invest in, he said.

The Bitcoin frenzy of 2017 appears to be over. As of early this morning, one bitcoin fetched nearly $12,000.

Talk about a wild ride!

Bitcoin's Slump Is Even Steeper Compared With Smaller Cryptos

The value of one bitcoin fell to $9,958 (£7,222) before making a slight recovery, according to a price index run by the news site Coindesk. The cryptocurrency enthusiasts however are very excited that this dip would actually be considered as a buying opportunity and the value of these cryptocurrencies would rise further to surpass the older highs and continue to provide such astronomical returns to investors.

"But while the rally phase is over, I don't think it is right to say bitcoin is finished".

Bitcoin Services is a digital service company focused on the mining of Bitcoin and other valuable cryptocurrencies.

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My bitcoin crash prediction had nothing to do with the hurdles bitcoin and blockchain technology might face or the fate of decentralized transactions.

Monica Quaintance, lead engineer at a company working on technology related to digital currencies and an organiser of events for women interested in them, said investors should expect price volatility until there is strong government regulation. But bitcoin has been particularly volatile recently, and is down by almost half from its peak of more than $19,000 last month. A closer look at the chart below shows that the stock has been trading in a downtrend over the past one month. “A dark pool enables institutional traders to protect their hand from public view while not adversely affect market prices when they are buying and selling large orders. It doesn't matter how hot or hyped an investment becomes - it simply can't go straight up forever.

A leading team of economists have suggested that Bitcoin's time is up and the bubble is finally bursting. Additionally there have been other big influences such as the expiration of the first ever Bitcoin futures contracts this week.

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It is anyone's guess how much money has been borrowed on credit cards or through higher home mortgages to foolishly bet on never-ending cryptocurrency price appreciation. While it has not been a good week for bitcoin, and cryptocurrency as a whole, it is safe to say we will definitely be seeing more news from it in the coming months. Rumours in the country indicate the government may be planning to ban the centralized trading of digital currencies. And somewhere along the way, highflying assets will get hit with a hard reset or two before consolidating and moving higher. However, as for the people who purchased bitcoin late previous year, they are still on the safe side. We may even see some cryptocurrency-linked personal bankruptcies. The cryptocurrency surged during the year, smashing record after record, but it started 2018 in a downward spiral.

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Bitcoin's Slump Is Even Steeper Compared With Smaller Cryptos