News- volatility of bitcoin
Today of 4th September 2017, It's only a short 4 days, the whole bitcoin value has been descended in a range of 100USD to 700 USD.
The Questions is WHY?
On 2nd September (Saturday), the bitcoin has been rose to a peak where it reached above 5000USD for the first time. In Malaysia currency, it reached above RM 21 thousands for the first time, it is a good thing if you sell at that time but you never know when is the peak.
So why do I say it's a good thing?
The price drops as there is the biggest sell off. At press time, the total value of all publicly traded cryptocurrencies was $166billion, a figure that was down more than 7 percent from a high of nealy $180 billion. The decline was similar to what was observed on bitcoin, with average global prices declining from a high of $5,013.91 to a low of $4,619.97, a more than $250 decline.
The largest sell off in cryptocurrency market since mid-July has make the price of bitcoin drop largely and rapidly. It is really shows that the bitcoin is really unstable. By any minutes, the price could change again.
But wait, is it that's all? nope....
Currently on today 4th September, There is one more news that out that affect the price of Bitcoin.
Bitcoin's price has plummeted to below $4,400 just after two days achieving a historic high of over $5000 on September 2. Starting the session at $4631 and it drops to a low of $4345 for the session, another sign to show how volatility is the bitcoin. Looking at the markets as a whole, it reached a record high of around $180 billion in cryptocurrency market and now is $152 billion - a drop of $28 billion! imagine that. How much losses have been made?
What cause this bitcoin price plummeted so much for the second time?
Bitcoin's price fell after China announced a ban on initial coin offering (ICOs) from $4584 to around $4350 per bitcoin. Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs).
ICOs allow start-ups to raise investment by selling new cryptocurrencies, which are similar to bitcoin, in return for cash. However, the People's Bank of China says this practice, which has become popular around the world as well as in China. While the ban on ICOs does not directly affect bitcoin, the news created negative market sentiment which is weighing on the prices of several virtual currencies.
REFERENCES:
https://www.cnbc.com/2017/09/04/bitcoin-digital-currency-price-falls-on-china-ico-ban.html
http://www.bbc.com/news/technology-41080478
The Questions is WHY?
On 2nd September (Saturday), the bitcoin has been rose to a peak where it reached above 5000USD for the first time. In Malaysia currency, it reached above RM 21 thousands for the first time, it is a good thing if you sell at that time but you never know when is the peak.
So why do I say it's a good thing?
The price drops as there is the biggest sell off. At press time, the total value of all publicly traded cryptocurrencies was $166billion, a figure that was down more than 7 percent from a high of nealy $180 billion. The decline was similar to what was observed on bitcoin, with average global prices declining from a high of $5,013.91 to a low of $4,619.97, a more than $250 decline.
The largest sell off in cryptocurrency market since mid-July has make the price of bitcoin drop largely and rapidly. It is really shows that the bitcoin is really unstable. By any minutes, the price could change again.
But wait, is it that's all? nope....
Currently on today 4th September, There is one more news that out that affect the price of Bitcoin.
Bitcoin's price has plummeted to below $4,400 just after two days achieving a historic high of over $5000 on September 2. Starting the session at $4631 and it drops to a low of $4345 for the session, another sign to show how volatility is the bitcoin. Looking at the markets as a whole, it reached a record high of around $180 billion in cryptocurrency market and now is $152 billion - a drop of $28 billion! imagine that. How much losses have been made?
What cause this bitcoin price plummeted so much for the second time?
Bitcoin's price fell after China announced a ban on initial coin offering (ICOs) from $4584 to around $4350 per bitcoin. Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs).
ICOs allow start-ups to raise investment by selling new cryptocurrencies, which are similar to bitcoin, in return for cash. However, the People's Bank of China says this practice, which has become popular around the world as well as in China. While the ban on ICOs does not directly affect bitcoin, the news created negative market sentiment which is weighing on the prices of several virtual currencies.
https://www.cnbc.com/2017/09/04/bitcoin-digital-currency-price-falls-on-china-ico-ban.html
http://www.bbc.com/news/technology-41080478
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