Bitcoin and other Cryptocurrencies Performing Poorly in Final Quarter of 2019

Steven ZeniosSteven Zenios27/11/20193min
Bitcoin took a dive this week below $7,000, following the downtrend of BTC by $2,000 from $10,000 in September 2019.

Many crypto enthusiasts and investors are still speculating about the reasons behind the crash and hoped that $8,000 would have marked the new foundation for BTC to begin its ascend. But a shocking dive below $7,000 left investors speechless about the cause of its slide.

But what is the industry saying about the Bitcoin crash?

There are many scenarios, news media members of Bitcoin believe it could be due to Co-Founder of Facebook Mark Zuckerberg’s testimony before Congress on the newly developed Libra cryptocurrency.

The matter regarding the potential fate of the Libra project, may not be as concerning to Bitcoin followers than those concerning developments happening in Google’s quantum computing research laboratories. Bitcoin experts feel that quantum computing may cause problems for the cryptocurrency.

Another scenario may be due to “big shark” investors selling their BTC stack to decrease their upcoming tax payments.

User TuurDemeester tweeted the following:

 

How do some react to this kind of market behaviour?

A few weeks back Peter Todd tweeted:

Other individuals simply take the crash as something normal, without any particular reaction to the current situation. Ignoring a cryptocurrency crash and keeping a positive attitude until the market corrects is what some prefer to do.

For instance, entrepreneur Jimmy Song tweeted this back in October:

Others are less vocal regarding Bitcoin’s bad day. Co-founder of the Gemini exchange, Cameron Winklevoss, tweeted the following comment:

The fact that the price of bitcoin isn’t surging today illustrated just how early and misunderstood this asset is.

At the time of writing, BTC is trading at $7,186 on exchanges like Bitstamp, that’s almost half the price BTC had registered just 4 months ago, in June. Although the report of a downtrend, Bitcoin is still the best performing asset of 2019 according to various sources.

 

Image Source by newsbtc

Steven Zenios

Steven Zenios

Steven Zenios is a young author and designer with strong passion. A specialist in web design and development, blogger, author and Blockchain entrepreneur. He is the CEO of Web Theoria, a digital agency based in Cyprus. In the last 10 years, he has vastly improved his knowledge and skills to produce great pieces of work, both in the web design industry and article/blog industry. Contact Steven at +357-22029786 ext: 6120 or by email at szenios@highworthcitizen.com for editorial related questions.



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