Since the boom late last year, Cryptocurrency has been on a steady decline over the year and this past month has been dark for Crypto Investors as the currency dropped in price by more than $300 within an hour on Wednesday morning, after weeks of gradual gains. Bitcoin fell $1,000 in just 24 hours as at Thursday morning.
The factors that contributed to the falling of the currency include a report that Goldman Sachs is dropping plans for a cryptocurrency trading desk.
While bitcoin fell by around 12 per cent, the hardest hit by the market shift has been ethereum, ripple, bitcoin cash and EOS, which all dropped by around 20 per cent.
Before this, Bitcoin hit a one-month high on Tuesday, leading some experts to suggest that more price gains can be expected.
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“The increased price stability of Bitcoin over the last couple of days has not been witnessed for a while and I think it should be viewed as a positive sign with more gains to come, especially in the coming months,” blockchain investor and advisor Oliver Isaacs told The Independent when asked about the Cryptocurrency’s prospects just hours before the crash.
However other analysts were quick to say that cryptocurrency investors should be careful about seeing recent gains as a sign of things to come, at least in the short-term.
Bitcoin is still trading higher than it was at this point last year, though it remains a long way off the highs of December 2017, when its price reached close to $20,000.
Since then, bitcoin has been on a bumpy slide down to today’s price of around $7,000, though it had experienced a period of relative stability in recent months.
However, it is not all bad news given that bitcoin has appeared to be more immune to negative press in 2018, a factor that previously had a major impact on its market movements.
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