Bitcoin Plummets To Lowest Level In Over A Year
Bitcoin’s price has fallen suddenly over the past few hours, reaching lows of $5,550 USD on major exchanges before rebounding. It’s the lowest price for bitcoin in over a year.
Bitcoin has had a rough 2018. The world’s largest cryptocurrency began 2018 with sinking prices, dropping to lows of around $6,000 before rebounding at various points throughout the year. Over the last few months, Bitcoin has remained in a period of surprising stability. The price has largely remained in a band of $6,000 to $6,500 since the end of summer.
Today, however, things changed, as the key $6,000 support level that had held all year finally broke, sending bitcoin prices plummeting.
Bitcoin currently sits at around $5800 after hitting a low of $5,550. That’s the lowest price for bitcoin since October 2017.
The drop-off didn’t come as a complete surprise to analysts. The crypto community has been wracked by the Bitcoin Cash hashrate in recent days. Meanwhile, various crypto news outlets have reported waning interest from traders, including record low bitcoin futures trading volume and money velocity.
The dampened trading enthusiasm comes after a good year for bitcoin, including a string of positive news for the crypto community in general. Wall Street is increasingly getting involved with cryptocurrencies. Startups like Bakkt are expected to create effective crypto on-ramps for the industry.
Despite these positive news stories, however, the bear market continues to grip crypto. The sudden drop today is yet another symptom of 2018’s ongoing bear market.
Is This The End For Bitcoin?
Anytime bitcoin’s price suddenly drops, analysts claim it’s the end for bitcoin. This time was no exception, as some analysts claimed this was the beginning of the end for bitcoin.
“Capitulation” wrote Barry Silbert on Twitter in response to the record price drop.
As we go to press, the price of bitcoin has bounced back substantially after plummeting earlier today. It’s currently sitting at around $5,700, down approximately 10.2% over the last 24 hour period. Bitcoin began the week at a price above $6,400, although it had not broken the $7,000 mark since September 2018.
Stay tuned to see where bitcoin goes next. Is this the beginning of the end for bitcoin? Or is this just another hiccup before the much-anticipated bull market begins?