Cryptocurrency

Crypto Market Crash Continues, Immediate Relief Not In Sight

The crypto market crash continues as a cash war comes to an end with no repose. Two factions tried to take over the control of Bitcoin Cash that is the world’s fourth-largest cryptocurrency and the network. The value of Bitcoin slides by nearly 50 percent of its original value. The two factions being Bitcoin SV and another faction called ABC. However, the dust appears to be settling for now. Bitcoin SV is seen to be on the losing end.

Bitcoin Continues To have Fall

Lately, the crypto market crash news is making waves in the financial sectors across the Globe. Bitcoin SV no longer wants the name Bitcoin Cash but has chosen to opt out of it. They wish to support their own version of the network. ABC will be in charge of Bitcoin Cash. ABC won the race, due to the support it received from the Nakamoto consensus, which is basically the network of computers that supports the Bitcoin Cash. However, there are networks such as Ayre’s Coin Geek that will continue to support SV. Though the contest is resolved, the value of Bitcoin is down by more than 5 percent in the past 24 hours. Bitcoin has lost more than 30 percent of its value since November 14, Bloomberg reported.

The crypto market crashes on November 2018, when Bitcoin was down 40 points. There has been a constant downward trend in its value since last December and this trend has become quite persistent. This is more pronounced after the futures exchange launched on CME. In early 2018, the currency peaked north of $17,000. But today the same is trading 75 percent below the value at $4,400. However, some Cryptocurrency traders are optimistic though, as they feel that, long-term investors are more equipped to handle this plunge and certainly they will wait for the price to rebound, Bitcoin Altcoin News reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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