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In other markets, 2-3 percent price movements is a big deal, but for crypto, 10% moves is an everyday affair. Bitcoin took a huge dip today and dropped to as low as $9100 levels, shedding nearly $2000.
Interestingly, this decline to below $10,000 comes despite news that Nasdaq plans to launch Bitcoin futures in 2018. It could be because Bitcoin going mainstream has already been priced in by the markets.
Throughout 2017, the price of Bitcoin continuously achieved new all-time highs without major corrections apart from the November 12 Bitcoin-Bitcoin Cash crash. Many analysts believed that a major correction is due, given that the Bitcoin price has sustained upward momentum across various rallies without large sell-offs.
Even if the price decline by 50%, it’d only set Bitcoin two months back which is still an exponential growth throughout 2017.
That said, this dip is short term. Given the entrance of Nasdaq and other large-scale financial institutions, the global Bitcoin market will demonstrate significant optimism around the mid-term growth trend of Bitcoin.
Here’s a popular meme that sums up it up nicely.
Top Stories from the Crypto World
1. Crypto is corrupting youth, says South Korean Prime Minister
South Korea’s prime minister is reportedly raising alarms about cryptocurrency’s influence on young people as regulators draw up rules for the country’s exchanges.
“There are cases in which young Koreans including students are jumping in to make quick money and virtual currencies are used in illegal activities like drug dealing or multi-level marketing for frauds,” said Prime Minister Lee Nak-yeon.
“This can lead to serious distortion or social pathological phenomena if left unaddressed,” he added.
Notably, South Korea is very near to mandating regulations for Bitcoin exchanges.
2. Investors taking a risk buying Bitcoin: ECB Vice President
The vice president of the European Central Bank (ECB) warned about the risks of investing in Bitcoin at current valuations.
Vitor Constancio said developments in bitcoin’s price make it “a speculative asset by definition,” adding, “Investors are taking that risk of buying at such high prices.”
3. Hackers infiltrate official Bitcoin Gold wallet repository
A hacker successfully injected malicious files into the official Bitcoin Gold wallet repository and download file, potentially placing users at extreme risk of having funds or personal data stolen.
It is likely that these files were created to steal user funds or information, so the developers have strongly advised anyone who downloaded the Windows wallet client during this period to take extreme caution to protect themselves and their funds – even going to far as to wipe any machines that downloaded the malicious files.