Bitcoin’s Value Trips to a New Low
December 7, 2018 9:51 am
Bitcoin’s price has been subjected to a serious tribulation since the beginning of the year. But this week, its value slumped to a new low, making things worse for the crypto market and investors.
Recovery for the world’s largest cryptocurrency does not seem to be coming any time soon. Bitcoin’s start to the day had been a bit tremulous, many worried about the top cryptocurrency’s ability to move past the $4,000 mark, indicating an inevitable drop to the $3,000 stratum.
BTC/USD was expected to move upward from the $4,000 level, but on Friday all the expectations were killed as its value turned in the opposite direction; the value dropped to a new yearly low at $3,311 after trading at $3,849 less than a day prior.
The price drop to a fresh low level of 2018 was subsequent to the Securities and Exchange Commission’s decision to hold off ruling on VanEck’s latest bitcoin ETF proposition until February 2019. Nonetheless, many had expected that the commission would put off the decision until the very last minute. Just as it has done with other ETF proposals in the past. It seems improbable that SEC’s delay would have a consequential effect on Bitcoin’s short-term moves.
Anyhow, the current scenario of the crypto market looks bleak, with analysts like Bloomberg’s Mike McGlone, anticipating that the drop to as low as $1,500 could be a possibility for the already struggling Bitcoin value.