Bitcoin Price Hits 2018 Low: Is Craig Wright’s Threat of Dumping BTC to $1000 Coming True?
The world’s largest cryptocurrency has dropped to its lowest level in more than a year as the price of Bitcoin hit a low of $4,464.45, bringing its losses to more than 22 percent in the past seven days and more than 65 percent this year, with some of the top 20 coins falling by as much as 20 percent.
Total market capitalization has plunged to a dangerously low level, dropping over $20 billion in the past 24 hours. A further 11% has been smashed out of crypto markets leaving them bleeding and on the floor around at $160 billion. Have we reached the bottom now, or does it goes deeper?
What’s really going on? Is Craig Wright Threat of Dumping BTC to $1000 Coming True? It’s hard to see how last week’s Bitcoin Cash fork—a second possible explanation for the crypto crash—could tank the market so badly.
The bitcoin cash hard fork was blamed last week for the initial sell-0ff, wiping billions from the value of bitcoin, ripple (XRP), and Ethereum, but led to many analysts and groups decrying the chaotic nature of cryptocurrencies and their unsuitability as a currency and a store of value. However, the recently forked Bitcoin Cash has declined by 43.70%.
Ethereum is dying a slow death and another SEC charge on two ICOs has put them all in panic mode. ETH has been smashed again today falling another 13% to below $140, its lowest level since May 2017.
On Friday, SEC announced its first civil penalties against two cryptocurrency companies that didn’t register their initial coin offerings as securities. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities.
Speculation that the sell-off was triggered by the SEC ruling may be overblown. Many of the ICOs done have already drained their wallets and likely converted their cryptocurrency into fiat.
While some investors used this latest blow to bow out, others have used it as an opportunity to re-up on cheap coins. What can be said with confidence is that sub-$4.5K BTC is an attractive proposition for investors who thought this day would never come.
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