Cryptocurrency Industry Is Trending a Deep Fall People Seeking FiatNovember 15, 2018
Bitcoin has breached the $6000 mark, and it has touched $5,433.50. This is a 12% decrease in just one day.
The overall market capitalization for Bitcoin is currently at $96 billion. This is as well the first time when the Bitcoin market cap has gotten below $100 billion. The overall cryptocurrency market cap is currently at $181 billion.
All the cryptocurrency charts are in the red light now. XRP (Ripple) is down by 9.2%. Ethereum is down by 13%. Bitcoin Cash is down at 8.7%. The volatility is showing up on the trends across all the cryptocurrencies, and the reason is not known.
The situation was hopeful at the beginning of November when the trends were flat. It was considered to be a sign of price stability of the crypto. However, during early November the price of Bitcoin Cash was shooting up. This created some positive expectations, and there was the outflow of money from other types of cryptocurrencies. People are not resorting to the fiat, and the cryptocurrency is seeing a clear fall.
The disagreement over hard fork is the major reason for the Bitcoin crash according to Brian Kelly. Brian Kelly, the founder of BKCM, stated this to CNBC.
Bitcoin Cash is repeating their Hard Fork formula over again. They are making a major software upgrade. They will be creating a new, and they will be leaving the old one intact just like they did it for forming Bitcoin Cash. The new cryptocurrency will be giving free coins for existing coin holders. There is no clear idea among the Bitcoin Cash community over which version of the software will be the best.
There was a lot of attention over IMF chief calling several countries to explore the potential of digital currencies. However, what they were talking about is related to digital currencies that are backed by the Central Bank and not about cryptocurrencies that are not backed by anything or anyone.
Countries like Sweden, China, and Canada, are already working on the digital currency. If these schemes become a reality, then it is possible for regulators to crack down on the competing cryptocurrencies. The major concern with cryptocurrency is the safety of the consumers using these currencies.
Of note, concerning Bitcoin crash, there was an early warning that there will be the calm before the storm. While the prediction was not about the price crash, the calm was predicted to bring in some trend change.
Despite all this, there is an upswing expected of the cryptocurrency in the next six months. Institutional investors stepping in creates some kind of promise.