The trigger for what happened to the market is still unclear.
https://www.economist.com/finance-and-economics/2018/12/01/bitcoin-has-lost-most-of-its-value-this-year
"One popular theory is that the the supply of brave buyers willing to take a punt has now been exhausted.
Thoughts?
https://www.economist.com/finance-and-economics/2018/12/01/bitcoin-has-lost-most-of-its-value-this-year
"One popular theory is that the the supply of brave buyers willing to take a punt has now been exhausted.
Thoughts?
Here is a theory for you.
The Price of BTC went to $20000, because people were buying it up using credit card debt.
In Dec 2017, Banks Banned buying crypto with credit cards.
The Price drop began not long after.
By April the price per BTC was ~$7000, Many Miners spent all of their monetary reserves buying btc trying to support a price floor of $6000 for months.
Now their reserves are gone and so are the price floors.
Miners are declaring bankruptcy in record number and quitting mining altogether.
BTC Price is going down for the perceptible future.
Hash Rate is still dropping.
A Network Death Spiral for BTC is not off the table.
