Bitcoin is Plunging

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Bitcoin is Plunging

29 Jun, 2017
Lillian Sullivan
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Ever since the cyberattacks by Ransomware, Bitcoin has been going downhill tremendously. When a reputation management pricing company comes in, they see how one little thing can create a huge stock drop for these large companies and Bitcoin specifically has been the way that cyber attackers are receiving money from their hacking victims.

We all know about these recent cyber attacks but there has ben an even more recent weakness in bitcoin which seems to be a continuation of the selling that developed last Wednesday the day that their rival Ethereum flash-crashed. There was a rapid decline in Ethereum’s price due to a multimillion-dollar market sells order that was not legal activity and it was to blame for this rapid decrease. This large order has pushed the price of ethereum from $319 to as low as $224.48 before it triggered roughly 800 stop-loss orders and margin funding liquidations which crushed the cryptocurrency to a value of just $0.10. Since Wednesday’s opening print, Bitcoin is now down about 9.5 per cent.

The reason for Bitcoin ‘s 2017 gains are due to heavy buying from China and Japan. The crypto currency trades are down from 7.29 per cent on Monday, at $2,379 a coin, a one week low. There has been recent strength that has come on the heels of China and how their three biggest exchanges resuming withdrawals for the first time in February and Japan then named bitcoin a legal payment method as of April. Followed by this, Russia’s biggest online retailer started accepting bitcoin payments even though Russia said they wouldn’t consider the use of crytocurrency until 2018. The billionaire Mark Cuban said bitcoin is like a bubble since the crytocurrency hits an all time high on June 6. Now it’s a waiting game when it comes for the future of bitcoin and to see if retailers around the world will continue using this or if they will slowly go out of business due to the cyberattacks.

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