In the past 24 hours, over $6 billion was wiped out of the crypto space as the price of BTC recorded a drop of 8.6 percent from $4500 to $4110. The price of BTC on various fiat-to-crypto exchanges such as Kraken, Bitstamp, and Coinbase was seen at around $4118 on Friday. As the time of writing this, the price of 1 BTC is $4232. However, on a weekly basis, the price of BTC is 21.65 percent down against the United States dollar.
Graph of Bitcoin
About a year ago, Bitcoin was a source of people’s joy. Around 100,000 people made new Coinbase accounts for trading in nearly three days. Various news outlets were appreciating the crypto trading infrastructure.
But what happened since then is a complete nightmare for the miners. There has been seen a massive drop in the prices of Bitcoin. From December 2017, where the price was at a peak $19,700, to the current situation, where on Friday it was recorded at $4300; around 78% drop since December 2017.
Most of the financial institutions are quiet about their ambitions in the cryptocurrency market. The Initial Coin Offerings (ICOs) have also buzzed out. As of now, Bitcoin is at the massive crisis.
Those Who Mined
There was a hope that institutional crypto trading would lead bitcoin to more growth. James Brewster, who is 42-year-old Denver financial consultant, mined his 10,000 United States dollars into BTC and other altcoins. He said that there were assumptions that once an institution gets involved, the price will show a certain gain.
The investment of Brewster has diminished, at present to $6000, and he has fewer expectations from the institutions that they will save his cryptocurrency.
He believed that the crypto market is being manipulated, “This will keep traditional players away from the race. If it continues to happen, I can bet on this thing that no institution will ever think to get involved.” He added.
A Chicago trader and entrepreneur, Bob Laccino, said that the new trend of cryptocurrency will replace cash in the future. However, he never traded BTC and has no plans to do it in future.