Bitcoin Goes Down to $7,840 As Cryptocurrency Market Slides

The valuation of this cryptocurrency market, which hovered close to the $470 billion mark merely two weeks ago, has dropped to $313 billion, as major cryptocurrencies including bitcoin fell in value.
Bitcoin Price Down

Over the past 24 hours, the price of bitcoin dropped from $8,600 to $7,840, by nearly $800. While trading volumes of most important cryptocurrencies across major exchanges stay low overall, bitcoin's daily trading volume has been relatively low, with market volumes intensifying on exchanges such as Bitfinex and Bithumb.

Yesterday, on March 16, CCN reported that although many analysts within the cryptocurrency sector and traditional finance sector unanimously agree on an optimistic long-term cost tendency for the cryptocurrency industry, the majority are doubtful towards the short-term momentum of bitcoin, awarded that the 70 percent correction it's endured since January.

After dropping below the $6,000 mark and falling from $19,666 to $5,920 by documenting a 70 percent fall in value, the maximum dominant cryptocurrency in the global marketplace has shrunk into the $7,000 region, and briefly achieved $11,600 final week.

However, as exhibited by means of a cryptocurrency analyst better known as Wolf of Crypto below, it's important to acknowledge that bitcoin has endured the third-worst accident in its history, supporting the 83 percent crash from $259 to $43 in April 2013, along with the 87 percent crash from $1,163 to $152 throughout late 2013 and 2014.

However, as demonstrated by means of a cryptocurrency analyst known as Wolf of Crypto below, it is important to admit that bitcoin has endured the third-worst accident in its history, supporting the 83 percent crash from $259 to $43 in April 2013, along with the 87 percent crash from $1,163 to $152 throughout late 2013 and 2014.

If speculators and investors anticipate 10 to 100-fold returns, it's only sensible to also expect 50 to 80 percent decline in worth, given that volatility exists going up and down. Moreover, the cryptocurrency marketplace remains at its early phase; not enough retailers have adopted cryptocurrencies as a payment method, and insufficient jobs have shown commercial achievement to demonstrate their potential to revolutionize trillion-dollar industries.

It is difficult for any major cryptocurrency to recover from its current 70 percent correction because this time, investors in the mainstream and public markets have been damaged by the decrease in the price of cryptocurrencies. Formerly, cryptocurrencies were considered to be an up-and-coming asset class with the capability to be worth several trillions of dollars later on.

Now, a little portion of investors that experienced considerable losses in the latest correction sees the market as a bubble and as a failed chance, despite the optimistic comments of some of the finance and technology industries' largest names, including Peter Thiel and Alan Howard.

The mainstream media is leading to the constant decline in the value of bitcoin, by offering predictions that can be considered absurd, given that the lack of basis for them. As an example, a recent coverage by Bloomberg claimed the price of bitcoin would probably fall to $2,800, without providing evidence or indication of some type.