There is a drop in the bottom, and bitcoin has set a new low in the year. According to the coinmarketcap platform, on Friday, bitcoin hit a new low in the year, falling nearly 10% to $3404.99.
Analysts had previously declared a $3500 support and a disillusionment of the forthcoming bottom of the bitcoin market this week. Bitcoin has fallen by about 80% from nearly $20 thousand at the end of 2017, dragging a number of digital currencies.
Now analysts have predicted that bitcoin could fall to $1500, down 60% more than the current level. Mike McGlone, an analyst at Bloomberg, wrote in a report that “bitcoin falls to $1500 in a row is almost no danger.”
The fall of the local bitcoin is the second hard split of BCH (bitcoin cash) in November. This time BCH faces a hard branch, which is intrinsically disturbed by the Australian Craig Steven Wright (called “auscong”), causing the BCH community to face a split and triggering the selling of bitcoin.
After months of relative stability, the volatility of bitcoin in November fell sharply from about $6340 to about $3970, falling nearly 37% a month, the steepest plunge in 7 years.
At the same time, regulators are gradually tightening the regulation of the contrastive currency, which has exacerbated the fall of bitcoin.
A few weeks ago, the US Securities Regulatory Commission (SEC) announced the first civil penalty decision against ICO, Airfox and Parago Coin, which were not registered as securities, each required to pay a fine of $250 thousand to compensate investors.
SEC President Jay Clayton said earlier that, in addition to bitcoin and ether, all digital currencies or tokens are securities that need to be regulated. This has triggered a panic in the market for strict supervision. Last week, Clayton said, in order to protect the interests of investors, it was intentional to disapprove a closely watched bitcoin Trading Fund.
European regulatory attitudes are also not optimistic. Benoit Coeure, the executive director of the European Central Bank, said a few weeks ago at the Bank of central bank, the Bank of central bank, BIS, the Bank of international settlements, called the bitcoin “a combination of bubbles, Ponzi schemes and environmental disasters”.
Coeure says the idea of bitcoin is very smart, but not every smart idea is a good idea. In many ways, bitcoin is the evil product of the financial crisis.
Since late October, the “digging” of the digital currency of the invidia and AMD has been poor, and itself is an indication of the weakness of the demand for digital money. Peter Mallouk, co – chief investment officer of Creative Planning, told Bloomberg that the fall in the share price symbolized the demand for digital currency inflation to fade, “the chip tycoon’s stock price is poor, it is a canary in other digital money coal mines, such as bitcoin.”