All good things must come to an end. Many are starting to think that this journey that started nearly 10 years ago will end just a year short of its 10th anniversary. Throughout its existence, the industry has received criticism from the likes of Nouriel Roubini, American economist renowned for predicting the 2008 financial crisis. Roubini described blockchain technology as the mother of all scams and bubbles.
Another critical player who has always been against cryptocurrencies is JPMorgan CEO Jamie Dimon who has called bitcoin a scam and stated that he has no interest in it. He further suggested that the government might shut down the currencies because of an inability to control them.
A few months ago, Jordan Belfort “wolf of wall street” made a recording which he posted on Facebook warning people of investing in bitcoin. According to the former penny-stockbroker, the market would come down crashing and investors would lose millions. Belfort, who admitted to scamming investors years ago, talked about bitcoin having all the tell signs of a scam, most of which he knew from his time as a scammer.
For the last couple of days, the two, among others who’ve been critical of the assets have been proven right as the market has gone through some intense losses. The losses began on November 14 when bitcoin dropped from above $6,000 to year lows of $5,600. This caused major panic across the market seeing all coins drop by 10% to 30%. Ethereum which had been trading above $200 dropped to year lows of $180.
Now, after a couple of days of stability and sideways action the market has begun bleeding again.
Today has seen bitcoin shortly fall below $5,000. At the time of writing this, bitcoin has lost 10% of its value in the last 24 hours. Fortunately, Bitcoin has found support just under $5,000 and quickly bounced above $5,000. This, however, is a sign that the coin might further drop and could well end up dropping to $4,500.
Ethereum, which has in the past few days been pushed to number 3 in ranking by Ripple has seen a 13% drop in the last 24 hours. Ethereum is now trading in a new year low of $153. If the market does not find some support soon and begin rallying, Ethereum could well fall to new lows of $120.
According to a few experts, the only real catalyst in view is the Bakkt futures. In a recent announcement by Intercontinental Exchange (ICE), a subsidiary of NYSE, they will begin offering Bitcoin futures on its Bakkt platform from December 12. This could have a major impact on the price of bitcoin.
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