23 May 2018 Katerina Klinkova
Bitcoin Drops Down to 2014’s Low
The fall comes as a surprise for market analysts, as it comes after Bitcoin Cash’s hard fork on the 15th May. Hard forks tend to lead to an impressive increase. Bitcoin specialists remind about the previous hard fork on the 1st August 2017 when the Bitcoin split into Bitcoin Core and Bitcoin Cash. The following months after the event, Bitcoin's price surged to almost $20,000.
Bitcoin price hasn’t collapsed so much since 2014. Back then its value dropped by 70% (from $580 to $166 USD) for a period of just seven months. Today, one token is worth only $ 7866, representing a 5% decline within 24 hours. According to a market specialist, if it does not endeavor the support it had in April, Bitcoin price risks to go further down to $5,000 again.
Bitcoin price has always been characterized by a high volatility rate. Despite that, it continues to be the most popular and widely accepted cryptocurrency, being a critical driving force behind all crypto market trends. Despite the negative news, its market cap equals 17,049,975 BTC which is an incredible total sum of $134,670,250,536 USD.
In comparison, Bitcoin Cash price manages to stay just above the $1,000 mark - at the moment it is priced at $1,064.13, with a decline of 8,8 percent for the last 24 hours. The Ethereum also struggles, trading at $624.84 with a 3,43% decrease in the last 24 hours.
A new crypto coin tries to make its way to the crypto market - the Bytecoin (BCN). It would need a long time to reach the Bitcoin price, currently priced at $ 0,00742071.
Big corporations and banks retain their strong interest towards cryptocurrency. Just a few days ago, the headquarter of Goldman Sachs announced the launch of a Bitcoin trading desk very soon.
Mark Zuckerberg, on the other hand, officially Facebook’s team is opening up to the blockchain technology opportunities to enhance their social network. Walmart also announced a patent for a blockchain digital market.
Last week, a former JP Morgan executive said that banks should start Bitcoin trading soon. The bank of JP Morgan Chase & Co. still does not allow cryptocurrency payments and declines transfers from credit/ debit cards to cryptos.
Financial experts predict that a vast Bitcoin adoption and a total acceptance of the cryptocurrency in the banks and all major money structures is on the way. "I think it's coming sooner than people probably think," considers Amber Baldet, a former head of the blockchain arm in JP Morgan.
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