The cryptocurrency market crash of this year will be remembered throughout the lifetime by the whole community especially the current week. Bitcoin price fell up to $4000 which is the worst fall of the year.
The market cap fall
The cryptocurrency market capitalization has fallen approximately $700 Billion this year. Talking about the current week after prominent coins fell up to 70% in just a matter of days, analysts are predicting that bitcoin may fall to $3000 this month end if the most major support of $4000 is broken and may even fall up to $2500. Not only bitcoin, but all major altcoins including XRP, Ethereum, and Litecoin, are all experiencing a massive decline in pricing. The market capitalization of cryptocurrencies was around $830 in January this year and now it is only about $140.
Share Market is riding on the same boat:
The shares markets are experiencing an even worst scenario with over $1.3 Trillion lost in just this week. Major global shares have fallen down including industry giants such as Apple, Goldman Sachs, and General Electric.
Bitcoin Hash Wars: Mining at huge losses
Both sides of the bitcoin cash hard fork are mining at magnificent losses according to Bitmex, a cryptocurrency derivatives platform who revealed about the same in a tweet:
Although the ABC SV split is entertaining, we estimate that SV miners are burning US$280,000 per day mining the SV chain.
Assumptions:
* S9 miners
* Able to sell SV coins at the current spot price ($100)
* 5 cent per kWhhttps://t.co/U9hbK4peip pic.twitter.com/ULjwWSI0GA— BitMEX Research (@BitMEXResearch) November 16, 2018
Both the teams – Bitcoin ABC led by Roger Ver and Bitcoin SV led by Craig Wright AKA ‘Faketoshi’ are said to be mining with huge losses amounting to approximately $278,000 and $439,221 per day respectively and which is likely being met by a large amount of BTC sellings. A third team which is being considered as ‘neutral’ known as Bitcoin Unlimited is being led by Andrew Clifford. The hash wars are being considered as a major reason for the start of the cryptocurrency market downfall.
