Investors sold bitcoin without waiting for Black Friday
At the end of the week, during the celebration of Thanksgiving in the US and “Black Friday” around the world, kriptosistem not before the holidays and shopping: they are selling their digital assets. Fall is not so impressive, however, systematic and coherent, thus denying the few remaining crypto-enthusiasts belief in miracles.
In the last 24 hours of the reference Bitcoin (BTC) has lost more than 5% and is trading now around $4,300. Token XRP also came under pressure from sales and lost nearly 7%, trading around $0.41. The course is Ethereum (ETH) fell 7% to $125. Bitcoin Cash (BCH) losing more than 13% and is trading around $200.
Partly in the current correction accuse the Commission on securities and exchange Commission (SEC) for its sluggishness with the approval of new instruments, as well as actively combat the ICO and the new exchanges. Recently it became known that the U.S. justice Department initiated its review Tether because of possible manipulation of exchange rate of bitcoin at the end of last year. Now among investors, fears are growing that further attempts of growth of the stock market will see manipulation and deception.
While the underlying cryptocurrency based on mining, face a new threat: the “death cross”. In the context of Bitcoin we are talking about the fall of the rate below the cost of production. It is able to provoke a reduction of interest in mining as such, and the beginning of this process has already been made. Hasrat Bitcoin now slipped to a historic high of more than 12%, after disconnecting the ASIC miners in those regions where the cost of production critically exceeds the current rate of BTC.
In theory, if the rate of bitcoin will continue to decline up to $3,500 and below, we will see a significant drawdown capacity of the network, which ultimately may lead to technological collapse. At the moment there is a clear understanding: the existence of Bitcoin need not only electricity, but also as a possible continuous increase in its value, which is impossible. The fundamental base can’t grow as fast as the speculative mood of speculators.
We can assume that the future is still not in a cryptocurrency based on mining, and the project, which will rise from the ashes and mistakes of the current version of the crypto market. Perhaps he is already in the final stages of its development, and maybe, just emerging in the minds of programmers.