Cryptocurrencies have had a rough week: the value of bitcoin plunged to a mere 50 percent of its 2017 peak, and other currencies, such as Ethereum, Ripple, and Litecoin have seen double-digit losses compared to their heights from last year.
Tuesday also witnessed the collapse of BitConnect, an anonymously operated crypto exchange that had been repeatedly accused of running a Ponzi scheme via its proprietary BCC currency.
Thease Events together, simply act as another reminder of the “volatility” of the cryptocurrency market, which saw bitcoin rise to a peak of $19,783 on December 17th and lowest as $10,000 in January.
There may be also reasone behind that is "CHINA thinking to ban Mining in country and South Korea is confused about regulation". these regulations may be scaring bitcoin investors into selling their coins result in drop in price.
In one week market cap drop from 829 billion to 474 billion these drop definitely scares new investers.
The price of bitcoin is recovering after the cryptocurrency market crashed – but worries are still haunting the entire industry.
Thank you for posting
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nice article, now bitcoin going to stable
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