Bitcoin deepens its collapse and loses 30% in a week

Bitcoin loses up to 10% on Tuesday, falling below US $ 4,500 and raising its losses by 30% in one week, in a general settlement for digital currencies. It was operating this Tuesday at US $ 4,354.20, its lowest level in the Bitstamp exchange platform since October 2017. The unit has now lost close to 75% of its value since the peak it touched in December.

Other cryptocurrencies also plummeted: Ethereum lost 10% and Ripple XRP lost 13%, in a decline driven by lower investor confidence. The last fall began this month, after a period of relative stability in which Bitcoin prices had hovered around $ 6,500 for several months.

“The euphoria has died and prices have been consolidated with smaller and smaller maximums, many people have lost interest,” said Fawad Razaqzada, an analyst at Forex.com.

The declines and loses on Tuesday coincided with wider declines in financial markets. European stocks weakened after Wall Street collapsed on the eve.

In addition to the lower confidence in the value of cryptocurrencies, some operators also blame the decline to fears that a change in the protocol of the blockchain technology that supports Bitcoin operations (known as “hard fork”) may destabilize to the rest.

The regulatory offensive on cryptocurrency operations launched in early 2018 and the fall in investor interest has meant that more and more people are looking for the exit gate.

 

With info from Ambito


You cal also read > Trader: Bitcoin will continue to decline below $5,000

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