Crypto Market Rebounds After Weekend Massacre

Crypto Market Rebounds After Weekend Massacre

When the price of one digital currency, such as Bitcoin, is higher on one platform than another, the opportunity is acknowledged to generate profit from the price differentiation across platforms.

Bitcoin's value dipped to $3,930 today, after recovering back above $4,000 late yesterday, when it plunged to $3,474 - its lowest level since September past year, according to Luxembourg crypto-exchange Bitstamp.

This may be due to the intensive selling that is going on in the cryptocurrency market.

Notably, Bitcoin has now fallen beneath the $4,000 threshold, a number it reached in August of previous year as its trajectory pointed sharply upward.

The same pattern has been observed across the wider digital currency market.

Bitcoin Cash's market cap at 16:00 UTC collapsed to its lowest point i.e., $2.70 billion.

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Bitcoin slid another 4.5 per cent to US$3,635 at midnight Sunday in NY, according to Bitstamp. The process becomes harder over time and requires more computing power with that computing power having a cost based on both hardware and the electricity the hardware uses. The term refers to the price at which mining a cryptocurrency is no longer profitable. Additionally, the weekly charts still remain to be completely red.

Pompliano added that one thing to remember about bitcoin's 2017 bull run is that it was driven by retail investors and 2018's focus has shifted to institutional investors entering the market. According to Moas, "institutions & the top 1% are buying as they did in the 2008 stock market crash". ABC won a race known as the Nakamoto Consensus, in which computers that support the Bitcoin Cash network voted to go with either ABC or SV, which offered different technical improvements to the network.

However, stable coins have not always been stable. Everyone wanted to invest in the cryptocurrency boom and get profits.

Utilizing the age-old comparison that relates the early-stage Internet and current crypto ecosystem, the New York City native expressed that during the Dotcom Boom, Amazon (AMAZ) fell from a high at $90 to $6 in months, a jaw-dropping decline of 93%.

While the original Bitcoin Cash was at the center of a naming controversy when it split from Bitcoin Core in August 2017, with BCH figurehead Roger Ver claiming the coin to be the true iteration of Bitcoin, the subsequent hard fork on November 15th has been far more contentious. The central bank also warned of "obvious bubbles" in blockchain-related financing and investments involving cryptocurrencies, especially ICOs.

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