Bitcoin News News

BTC Price RECOVERY: Cryptocurrency STABILISES after November CRASH wiped out 17%

above: Michael Bucella of BlockTower Capital Partner ; Commenting on BTC Price (Bitcoin Price)

BITCOIN (BTC PRICE) has made significant gains over the last couple of days after a dismal two weeks of trading saw almost 17 percent wiped off the digital coin’s value, according to CoinMarketCap.

Bitcoin is moving from weak hands.. to strong hands!
– Michael Bucella (BlockTower Capital)

Bitcoin (BTC Price) experienced a price plummet this month, with the virtual asset dipping to its lowest point since September 2017. On Wednesday morning bitcoin climbed to a value of $4,385 (£3,400) by 8pm GMT, according to CoinMarketCap. Since then the asset has found stability, hovering in approximately the same price area from Thursday through to Friday.

At the time of writing, BTC was worth $4,240 (£3,300), in an indication it was beginning to find stability since the price plunge.

But signs of bitcoin’s recovery over recent days may be short-lived, as the asset is typically unpredictable.

Before the crash this month, bitcoin had just come out of a period of remarkable stability for the digital asset, which is known to experience vast swings in value over short periods of time.

At the start of November, the world’s leading cryptocurrency all but flat-lined at roughly £5,000 before rapidly plunging on Wednesday, November 14 in a downwards spiral that continued until the end of the month.

Bitcoin Price: BTC Price - Bitcoin Crypto PricesBitcoin news: BTC Price may have found stability after a troubled couple of weeks trading

 

Speculation abounds in the crypto sphere about the reasons for the price plummet, with some analysts and commentators attributing the downfall to the so-called “hard-fork” of bitcoin cash (BCH) – currently the fourth-largest cryptocurrency by market capitalisation.

A hard fork takes place when groups of miners and developers can’t agree on updates to the software governing a particular digital token. A given crypto then effectively “splits” into two separate coins and, in the process, a second digital currency is generated.

The November price crash led some crypto experts to question whether there could be an increased cybersecurity threat as owners of bitcoin and other cryptocurrencies become more vulnerable to hacking scams.

Paolo Passeri, global solutions architect at Netskope, maintained the market-wide crypto price crash was the “catalyst” and driving force behind a recent spike in cybercriminal activity.

He told Express.co.uk : “The catalyst driving cybercriminals to find new kinds of attacks is the fall in cryptocurrency prices, as this has made crypto mining a far less viable means of obtaining the currency due to the power costs involved.

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Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

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World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

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The crypto market has made a spectacular return as it added $28 billion in the past 48 hours. The bitcoin price surged past $7,400 and hit a new 2019 high, marking the start of a new bull market.

In many major markets, the volume of bitcoin has returned to the late 2017 level with the “real 10” daily spot volume of bitcoin surpassing $1.9 billion.

bitcoin charts 24hr volume, Bitcoin Price

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