This drop in bitcoin price has made many people upset. Has declined by 64.5% since December 17, 2017.Total market cap is at a mere $ 338 billion with a big drop. Let's look at the great declines in history from the table:
Big declines in bitcoin prices:
This is a big drop. However, the decline in Bitcoin is not new. Repeated a few more times before.
Why is it so low?
A few bad news crypto caused a huge drop in the currency economy. Bitfinex was reacted by the US Commodity Futures Commission. Because the crypto money market offers the option of converting currencies into US dollars.
What raises doubt about this is that neither Bitfinex nor Tether have been able to prove enough money in their bank accounts to back up the USDT cones.
In India, investors are nervous about the incident, the government has begun legal proceedings to get tax from many stocks in the country. According to estimates, in India, by the year 2018, the last 17 months, $ 3.5 billion transaction was made.
Before the recent news in South Korea, there was a rather uneasy atmosphere. The country does not intend to completely ban the crypto money trade. But the government has taken steps to remove the anonymity of accounts. South Korean traders should now use their real names to make transactions.
The decline is not just for crypt money
All these developments caused uneasiness in the world. But all these declines were not just in the crypto money market. All stock markets around the world are on a downward trend.
The Dow Jones Industry Average has fallen to its lowest level for three weeks due to rising US government bond yields.
Even the newest investors are aware of the "low to high buy" motto. The question in mind is, "Which one is the least?" Nobody knows the answer to that.
Bitcoin is quite accustomed to such movements
Looking at the table above, Bitcoin's worst accident ended in January 2015 and lasted 411 days. With this steep dive, the price of Bitcoin was reduced by 87%.
As of today, the price has fallen 64.5% in the last 51 days. If this event had been on the stock exchange, the media organs would say that we are living 2008 again. Undoubtedly, most of the global economic crisis that happened ten years ago was largely due to the subprime mortgage of consumers who could not afford the houses the American government lived in.
