By Ryan Lau | @agorisms
Shortly before noon on Wednesday, Bitcoin took a major downturn. After remaining (relatively) stable in the low to mid $6000 USD range for several months, the cryptocurrency plummeted to a mere $5600. This represents roughly a 10% drop in value instantly.
In its history, Bitcoin has shown greater jumps in both directions. However, this breach following a period of stability is relatively unprecedented.
Wednesday’s price marks the lowest Bitcoin exchange in over 12 months, dating back before the surge to nearly $20,000 USD in December of 2017.
Shortly before the drop-off, analysts had mixed expectations on the future of Bitcoin. Some expected the prices to rise modestly, exceeding the $7000 USD mark in the near future. But other analysts were less optimistic. Crypto analyst Willy Woo, for example, believes that market will not bottom out until sometime in 2019’s second quarter.
Individual Twitter users, on the other hand, were not so sure of either solution. In a poll that Woo posted, there was no clear consensus on Bitcoin’s forecast. Some users believed that the bottom was here, while others believed there was more to fall first. Interesting, a plurality actually conceded to not having any idea what would happen next.
BTC balancing, balancing, next more will be defining.
Super curious to see where everyone is at on the eve of the next breakout…
— Willy Woo (@woonomic) November 11, 2018
The market downturn is not exclusive to Bitcoin. Other cryptocurrencies, such as Ethereum, have also seen considerable losses. Wednesday morning, the altcoin opened above $200 USD, but by noon EST, it was a mere $180.
Since the fallout, Bitcoin has recovered slightly, returning to a value of $5805 USD before falling once more to $5730. It is likely that today, as well as the near future, may lead to a continuation of this morning’s volatility.
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