Uncertainty over the prices of cryptocurrencies in general and Bitcoins in particular seem to loom large thereby giving away the reasons for people to be confused as in whether cryptocurrencies are rising or tumbling further down!
Why only Bitcoins even other Alt Coins seem to have taken the hit of this uncertain decline of cryptocurrencies. There, however, does not seem to be any one reason that can be pointed out as to: yes, this is why cryptocurrencies bowed their heads.
Bitcoin Hard Fork Split
As observed by many, the moment Bitcoin Hard Fork split was announced, everything seemed to tumble down and it was something that shook the whole of crypto world. Reasons being Bitcoin was riding high and had never fallen below $6,000!
Tom Lee, Wall Street Investor analysed that ‘hash rate war’ turned the scenario to a lot of uncertainty and panic across different rungs of the society. In addition to this, to stay away from risks or unknown waters, many investors backed off stated CoinShares CEO Meltem Demirors.
Right from November of 15th, Bitcoin ABC as well as Bitcoin SV having emerged, they have two think tanks fighting a war, should I say a cold war?! With clashes between these two groups, it was evident for BCH to be diving down the market as it was seen later by us.
Rules Came into Action
Along with division of Bitcoin Cash, SEC decided to take charge of the situation and like earlier informed in one of the articles, stopped operations of many firms who did not obey rules. Brexit along with Central Banks Policies turned out to be other reasons for downfall of the highly anticipated cryptos.
Now many would be shell shocked and worried to know as to what shall be the condition of Bitcoins post the split of the decade?! Are they stable or have they begun to rise in the world of cryptocurrency?
As a matter of fact, sell off due to low trade volumes led to a panic which is a bit difficult to be summoned in words. In Greenspan’s words, nothing can be said for sure as to what would happen next. He believes things could turn around at any moment and nothing can be sure. Either Bitcoin stays there put while some people sell it away and a few others gather them.
Anthony Pompliano, host of Crypto Podcast as well as Newsletter has perfectly put across a point: ‘Bitcoin lives and dies on its own’ while only ‘a few synthetic protections are in store for the investors’.
While on the other hand, Tom Lee is certain of one fact though, it is: regulatory clarity is going to be the key to giving us a clear picture of where Bitcoins and other cryptocurrencies stand. And to quote Lingham, blockchain projects must specify as to what will be the other usable solutions apart from the one, we are aware of.
Cryptocurrencies have not held a stable position since some time, however, as of now experts have pointed out that only a few losses can be seen, so yes, drastically falling prices of cryptos have kind of stopped.
Lesson: Never to conclude before the final outcome is right before you.