Jihan Wu's Tweet Regarding Bitcoin SV Might Trigger Another Bear Effect

Jihan Wu's Tweet Regarding Bitcoin SV Might Trigger Another Bear Effect

Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for Bitcoin to $15 000 from $25 000.

On a curious note, while bitcoin has fallen some $14,000 since its late-December 2017 high just below the $20,000 mark, the current price, around $5,000, is still roughly five times higher than January 2017 levels of around $1,000. In last one week, the crypto market has lost almost $60 billion of its valuations with Bitcoin and other altcoins taking a major hit. Ether's pain has been XRP's gain though, as the Ripple token has now climbed above it into second place in terms of market capitalization.

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Ultimately, the hard fork upgrade might have been the trigger, but it was just one domino in a chain of factors contributing to investor pessimism.

However, over the past 12 hours, the volume of BTC has increased from around $5 billion to $8 billion, by more than 60 percent, suggesting that BTC could establish a bottom-like trend in the low region of $4 billion.

Analysts point the finger for the price drop in several directions, including a recent U.S. Securities and Commission initial coin offering settlement.

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BTCUSD Daily ChartWhy did crypto crash? XRP is now trading for $0,45.

Bitcoin Cash ABC has been listed as Bitcoin Cash (BCH) by Kraken, while Bitcoin Cash SV has to make do with the BSV ticker. The $5,000 level acts as a major psychological support and with it giving way rather easily, the risk to the downside looks set to intensify. Airfox and Paragon Coin Inc will each have to pay US$250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities, the agency said in a news release on Friday. "Projects are being made to return investor money, which, after having spent a ton of money marketing their $100 million ICO on a lavish party-filled road-show that was the norm for this vintage of ICOs, will be tough". Looking at the value of BTC at $4,500, it is evident that Bitcoin miners are operating at a loss.

"It's hardly the spirit in which many would want crypto to be used but, I'm afraid, it is what it is, and the very nature of trading means we will see this cycle over and over again".

Digital assets have now lost nearly US$700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com.

The average cost of mining one Bitcoin has been estimated to be between $6,000 and $7,000 depending on the cost of power at the site of the activity. Most indicators have bottomed out and reached new lows we haven't seen for a long time on Bitcoin.

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