Bitcoin regaining its market position after slightly affecting the Chinese Economy

Bitcoin crashed along with other cryptocurrencies!

Following the plunging of World’s Strongest Currency Bitcoin, the prices of other top Cryptocurrencies have also dropped more than 30 percent.

Launched in 2009 as the World’s first Cryptocurrency, Bitcoin’s price soared to record over $20,000 earlier in December 2017. However, as by now, its price has dropped to $11,833.00, according to https://coinmarketcap.com/.

In last 24 hours, the price of Bitcoin fell to 27.89% but unsurprisingly, it had a negative effect on other Cryptocurrencies as well, as Litecoin’s price plunged 38.36%, Ethereum 35.43%, Ripple 31.78% while the new emerging NEM (XEM) also suffered a lot, witnessing its devaluation by 30.84%.

Without being Centrally Controlled, easier in use, free of international boundaries, and hidden aspects, Cryptocurrency particularly Bitcoin soon attracted millions of people across the World especially in China.

Besides not only international financial giants adopted Bitcoin as a trading currency but following its footsteps, nearly 1,400 Cryptocurrencies have been launched worldwide, endangering the incumbent international financial system.

However, the tentative nature of Cryptocurrencies’ prices has always been a cause of concerns for consumers.

The slump in prices of Cryptocurrencies, according to rumors, has mainly been because recently a number of international Corporations bought Bitcoins, causing a record surge in its price. But all of a sudden, they have now begun selling Bitcoins in large quantity, upsetting the demand and supply system.

Bitcoin and Chinese economy 

Likewise, according to other rumors surfacing in the Cryptocurrency market, it was an intentional attempt on the part of international Corporations to affect the economy of China by devaluating the price of Bitcoin.

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Future of bitcoin?

At this point, Bitcoin is again picking up along with other major cryptocurrencies. It has been observed that litecoin and Monero were the only coins which regained their value shortly after the market crash. The recent crash reflects that something fishy is going on since the coin was picking up the price in the market by minimum 10% every day but suddenly it got crashed.

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