Bitcoin price reached an all-time high on December 17, 2017 in its 9-year adventure. Immediately after breaking the highest record by exceeding the level of 20 thousand dollars, the decrease in the Bitcoin price reached 7 thousand dollars in 5 days.
The date of December 17, 2017 undoubtedly showed a picture that even Bitcoin investors were surprised. Perhaps no one could have predicted that BTC, which closed November at the level of $ 9,500, could see 20 thousand in just 2 weeks.
This sudden rise caused the whole world to focus on Bitcoin and the crypto money sector.. The news that the futures exchange CBOE will add Bitcoin to its lists on November 10, and the news that CME will list Bitcoin on November 18 were the reasons for the sudden increase in Bitcoin price.
The reasons for the decrease in Bitcoin price
After the last record on December 17, the decrease in Bitcoin price reached 7 thousand dollars in 5 days. Recorded all-time high of $20,042. Continuing its steady decline for 5 days, Bitcoin has fallen to the levels of 12,800 dollars in the last 24 hours.. Thus, a decrease of more than 7 thousand dollars was achieved in only 5 days.
It is not possible to specify a single factor as the reason for the decrease in Bitcoin price, but several reasons can be said that trigger each other.. The first of these is the Bitcoin.com CTO’s statement “I have switched to Bitcoin Cash”. With this statement, as investors who hold their assets in Bitcoin switched to Bitcoin Cash, the price of Bitcoin began to decrease and Bitcoin Cash to rise.. With this statement, BCH, which was traded only at $ 1800, reached a new record by rising to $ 4,355.
The second reason is the rise in transfer fees, which increase in proportion to the price of Bitcoin.. A stock market that charges only 5 TL transaction fee in a period when the Bitcoin price is 10 thousand TL, while the BTC price is at the level of 70 thousand TL, it charges a transaction fee of 35 TL.. Unfortunately, the decrease in transfer fees, which is one of the aims of Segwit2x initiatives, has not yet been realized.. Therefore, unless this problem is solved, Bitcoin will never be a digital currency that can be used for daily shopping.
Another reason is that, in the opinion of many experts, a correction was highly anticipated after such an unexpected rise in Bitcoin price.. The number of experts who think that this is the main reason for the decrease in Bitcoin price today is quite high.
An opinion that is completely different from the others is that Bitcoin is preparing for a new rise.. According to this view, which has the logic of “behind every decline, there is a rise”, the Bitcoin price is preparing to exceed the $20,000 band.
Bitcoin is trading just below the $13,000 level at the time the news was written.. Total market value is 215.7 billion dollars and 24-hour trading volume is over 18 billion dollars.
The information in the text is purely for informational purposes.. It does not constitute any investment advice.. The author and hostagons.com/ are not responsible for your profit or loss arising from the investments you make.. Investment is ultimately based on many foundations such as knowledge, experience, research and personal decisions.