Bitcoin crash why bitcoin crash
4hw.org: bitcoin virus has been rampant for a while, which makes the concept of bitcoin more widely known to the public. Bitcoin is a kind of network currency, whose value can't be matched by any equivalent currency. It's worth a lot for several years in a row. However, recently, bitcoin has suffered 'Waterloo', and once fell by 19%, which is surprising. So why is bitcoin falling all the way?
Bitcoin plunged 19% on Thursday to its worst week since January 2015, and its price volatility climbed after the digital currency hit a record high.
Bitcoin fell to as low as $2076.16 Thursday after hitting a high near $3000 on Monday. Other digital currencies also fell. The fall in bitcoin coincided with the fall in technology stocks after Goldman Sachs Group issued a report warning that low volatility in large technology stocks could make investors ignore cyclical and regulatory risks.
Sheba Jafari, a technical analyst at Goldman Sachs, wrote earlier this week that bitcoin was about to reverse. In a report on Wednesday, Morgan Stanley analysts wrote that bitcoin needs government recognition and regulation to continue to climb.
A bill in the US Senate this week on money laundering and terrorist financing has also been criticised by some bitcoin supporters for being too harsh.
Bitcoin's decline comes after a service outage on the digital currency exchange coinbase on Monday due to too much trading. The exchange said on its website on Thursday that it was investigating the issue of loading times during which customers' may not be able to load or log on to the site. '