The price of Bitcoin (Claim UBTC Fork) has accentuated the descent below $ 4,000. According to some experts, it is about to become a crypto-value worthless cryptocurrency. The price of Bitcoin has collapsed once again, writing the word end on that attempt to recover implemented in the first two days of December. The quote of the most famous cryptocurrency in the world has plunged back under $ 4,000 , casting new shadows on the estate of the entire virtual sector. The tightening of regulators and the bearish breakdown of key levels were pointed out as the main causes that in November led to a crash in the price of Bitcoin and, consequently, that of the entire sector. For some observers, soon BTCUSD will no longer have any value.
The price of Bitcoin will be worth nothing
After having also archived the month of November in red, the price of Bitcoin burned another 8% yesterday, Monday December 4, sinking to a minimum of $ 3,790, according to CoinDesk data. A decidedly weak trend, which was poorly compared to the amazing performance recorded in the same period last year. At the beginning of December 2017 the price of Bitcoin geared up the march, starting to grind record gains. The conquest of $ 10,000 was just a first step towards more ambitious goals: the last month of the year was phenomenal for BTCUSD that in the final stages managed to get even closer to $ 20,000. From that moment on, however, the entire cryptocurrency market has ceased to aim high. 2018 was not particularly clement and, especially with the arrival of the autumn season, the overall capitalization of the sector has decreased considerably.
Compared to its historical highs, the price of Bitcoin has lost 80% of its value. It certainly did not go well for the rest of the sector that followed in the BTCUSD abyss, recording record downturns. In reality, it was not so much the scare of quotations, but the progressive reduction in 24-hour trading volumes that have decreased by 56% since the beginning of the year. According to Atulya Sarin, a professor of finance at Santa Clara University, the BTC has now entered a destructive spiral that will lead it to no longer be worth anything. The reason? The price of Bitcoin has fallen below the estimated cost of mining operations . In other words, creating a BTC is no longer convenient: the progressive removal of the player will push the quote lower and lower.
Flash collapse for Bitcoin and cryptocurrencies
The price of the Bitcoin and the quotations of the cryptocurrencies of its colleagues returned to trading in the grip of weakness.
The one observed in the last hours was a flash of the sector, which has abandoned the levels of exchange found at the beginning of the year.
Just to give an example, in less than 60 minutes the price of Bitcoin (Claim UBTC Fork) has dropped by $ 3,800 and has returned slightly above $ 3,600 for a loss of more than 4 percentage points.
The quotations of the first 20 cryptocurrencies by market capitalization followed in the BTCUSD abyss and partially canceled the gains made in 2019.
Bitcoin price quotations in red: why?
According to some market observers, the thump of the market would have been determined by problems related to the vulnerability of the blockchain as well as by new fears on the regulatory front .
The European Commission could soon decide to classify some cryptocurrencies and tokens as financial instruments, which would solve some of the problems related to the regulation of the phenomenon, but would at the same time make more stringent the requirements necessary to protect consumers and avoid money laundering.