Bitcoin Price Drops Down as Investors Cash in Before Christmas
Bitcoin has surged by 13,000% this year and a hit an all-time high of almost $20,000 earlier this week. Does the Bitcoin bubble finally burst?
Earlier this week the cryptocurrency set a new record as it hurtled to just shy of US$20,000. After that it lose about 30% of its value reaching along $13,800 mark.
The altcoins like Bitcoin Cash and Ethereum also took serious losses over the past couple of days.
ETX capital analyst Neil Wilson introduced this crashing as a result of some hacks, rumored forks and regulatory pressure. Also the fact that some investors sold their cryptocurrency holdings caused price falling.
“It looks like it’s time to cash in the gains and spending the winnings on a bumper Christmas” he noted.
Bitcoin has managed to withstand all of the issues noted by Wilson, gaining more than 13,000% since January.
A financial analyst from Wall Street called Jordan Belfort, also the others have been speculating that Bitcoin’s value was primed to crash down.