Bitcoin News Today: Why Bitcoin price falls under $10,000? Why is Bitcoin going down?

in #bitcoin6 years ago

Why has the market cap of Bitcoin decreased by more than $12.5 billion in the last 48 hours? Bitcoin has been consistently falling for the last couple of weeks. Most of the people are actually clueless as to why it is falling. In the last 48 hours, the market cap of Bitcoins has decreased by at least $ 1.5 billion. Even though this kind of fall is not unheard of but the truth is that in the last 48 hours the pace has certainly exhilarated as well. That is why many of the investors are actually wondering why it is going down.

Read More: Bitcoin Price Prediction 2018: Can cryptocurrency hit $50,000 this year? (Forecast 2018)

We would today share with you some of the reasons as to why Bitcoin, as well as some of the other cryptocurrencies, are consistently falling.

Read More: Is Tether a scam cryptocurrency? ‘Scam token may be fueling Bitcoin’s rise, without this, Bitcoin price would collapse!’

Cryptocurrency tether:
Tether is a cryptocurrency developed by founder of Bitfinex. It was supposed to be backed by US dollar. It fluctuates in the same way as US dollar fluctuates. However, now that the circulation of this cryptocurrency has increased significantly, it has come to the notice of most of the people that there is no way in which it would be backed by US dollar. If indeed, it is backed by US dollar, the company would have to store around $ 2.3 billion of US dollar. The problem is that there is no such a vast reserve for US dollars. This is one of the main reasons why investors think that it is actually a scam. Owing to this very reason, investors are figuring out that some of the other cryptocurrencies might be a scam as well. This is leading to the entire crash as well.

SEE ALSO: TRON price predictions 2018: The cryptocurrency is increasing in value consistently - USD / TRON price analysis (TRX / TRON Price Today) Tron Coin News -Tron Price Prediction - Crypto CRASH

Read More: SEC says, the outlook is not rosy for Bitcoin, Ethereum and cryptocurrency ETF’s

Frauds
Moreover, any kind of fraud in the cryptocurrency space which is large enough can impact on the other cryptocurrencies as well. This is one of the main reasons why this cryptocurrency, as well as other cryptocurrencies, are falling as well. The recent cause of fall in the cryptocurrency space is owing to this very fear of the investors.

Read More: A research claims 25% of Bitcoin users and 44% of Cryptocurrency transactions are associated with illegal trade

SEE ALSO: Bitcoin Price Today USD - Latest Price Chart Analysis and Bitcoin Price Prediction 2018 - Crypto CRASH
Fear in the cryptocurrency space
Whenever there is any kind of fear in the cryptocurrency space, can be sure that it would scare away a lot of investors as well. This is exactly what is happening with this particular cryptocurrency as well. Owing to this very reason, many people are actually staying away from the cryptocurrency space in the shorter term in order to wait out the correction as well as the other problems which are arising in the cryptocurrency space. It remains to be seen however when this bloodbath would finally end.

Read More: Dotcom Bubble, Housing Bubble… Is the Cryptocurrency Bubble next? The future of Bitcoin, Ethereum and Ripple

SEE ALSO: 2018 might see the shift away from Bitcoin, Ethereum might be able to provide the best return (Ethereum Predictions 2018) - Ethereum vs Bitcoin News - Crypto CRASH

Legal Disclaimer: Smartereum does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Smartereum or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Smartereum makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of cryptocurrency.
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For future viewers: price of bitcoin at the moment of posting is 7444.00USD

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin7455.290$-5.53%-21.53%
ETHEthereum476.845$-15.21%-34.03%
TRXTRON0.025$-13.64%-35.41%
USDTTether0.997$-0.42%-0.61%
XRPRipple0.575$-9.84%-30.64%

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