Ever since South Korea body movment, bicoin starts to nose dive and when the Korean government finally started to work on a legislature to ban bitcoin (rumours) the curyptocurrency plunged and lost a whooping 187billion dollars dropping from $20k to $10k late 2017 and early December.
But there is more glooming news, "Michael Novogratz, an outspoken proponent of bitcoin, announced he was putting plans for a cryptocurrency hedge fund on hold and predicted bitcoin could extend its drop to $US8000."
Well! Through to his prediction bitcoin has further dropped to $9291 as at the point of writing this post.
However," some users argue the latest crash was more of a test for long-term holders of bitcoin, known as “hodlers”. “The new guys actually have an incentive to continue holding,” they wrote. “They got into the crypto game to make money, not lose it. They’re going to continue holding until they make their money back or profit."
the question is, how long do you hold on? What if the crypto doesn't recover like some financial investors have pustulated and having now throw their support for ethereum?
It takes no genius to see, there is a correction on the bitcoin and its massive and unlike one seen in the past.Some bitcoin holder claim this is a co-ordinated conspiracy by banks and hedge funds to tank the market. Well you can't really blame them judging from the hit bitcoin is taking fro various sides.
This plunge in bitcoin prices, has had a monumental effect on nearly all crypto currencies especially Doge coin that seem to have enjoyed a weeks innthe spot light in upward trend but has now drop far below a cent.
At this rate various minor crypto currencies would soon vanish as some investor speculate.
Ripple has also been bashed the more as it has dropped from $3 down to 0.9. Steem has also take a beating but as history tells us Steem and SBD has a mind of their own. I wish the could be more stable as more project are built on it's block chain
Personally I think the bitcoin would drop and settle around $500 in the next two month it could be earlier. Yes! You heard me right $500 or even lesser.
- here are my reasons:
1. More bad news from south Korea especially on taxation of profits made on crypto trading. Once the law is full implemented. Bitcoin drop further
2. The lunch of bitcoin futures you can't go trading a highly unstable cryptocurrency and that's why big companies have stayed away from bitcoin. Bitcoin future is in itself the water loo of bitcoin
.3. Since bitcoin bitcoin futures was lunched and bitcoin is listed to be traded it must be corrected hence the drop In price which should keep dropping until corrected
**4. Various government brimgingmout the very own crypto currencies I.e Venezuela and Russian. The Russian government is poised to lunch the cryptorubble. Though the government have actually denied this, but that just typical Russian I wouldn't be surprise if I wake up to see the new and legal cryptorubble.
Legalis the key word, once this government drop their crypto, policies would surely be to give it undue advantage over other crypto currencies.
But my major concern, would be our beloved Steem and SBD!!!!!!!!!!!!!!!!!! What would become of them?