Bitcoin slump has become a common scenario these days, and it’s now new that the leading cryptocurrency is no longer stable to maintain its position in the market value. Yes, another Bitcoin bubble popped on Friday setting yet another fresh yearly low, sliding below the $3,200 mark for the first time in 2018.
The flagship cryptocurrency’s sliding below $3,200 came shortly after 16:10 UTC, which is an ineffective breakout attempt earlier in the week. Bitcoin, at the press time, was trading at $3,187 on Bitstamp after dipping to $3,171. In the meantime, the crypto market’s valuation stands $102 billion which is approximately 37% of the size of bitcoin’s market cap in late 2017.
The CryptoUpdates detailed on December 12th that it has battled broken it’s $3,700 obstruction level. Bitcoin value tumbled from $3,427 to $3,325 which is approximately 3% with a low trading volume at $4.7 Billion. Towards the beginning of December, the regular volume of BTC floated around $6 Billion.
Where numerous investors were betting high stakes on Bitcoin, the flagship cryptocurrency failed because of extreme market redress. One such occurrence is of BlockTower.
Amid substantial consultations on 2017’s stupendous digital currency bubble where Bitcoin was the real plan of exchange, BlockTower Capital staked high claims on the future estimation on Bitcoin. The venture is a power to be figured in the crypto speculation field.
The venture chose to make $1 million alternatives contract on Ledger X, a CFTC-controlled digital currency platform, which would offer $29 million to BlockTower if Bitcoin hits $50,000 on December 28th, 2018. If Bitcoin were effective in holding above $50,000, then BlockTower would have harvested quite a lot of profits in its treasury.
However, at the time of the market crash and BlockTower’s fate is bound as the vehicle’s expiry date approaches quickly. If the $1 million choices are to be spared from doomsday, then Bitcoin Price needs to ascend by an alarming 1,400%. This has to be accomplished within three weeks, which is only non-feasible for any asset.