Looks like another big fish has taken out investment.
Bitcoin has seen a drop in price by over $1,300 within just two hours. The most dominating cryptocurrency which started its epic bull run last year, with a price below $2,000, rose up, eventually reached around $19,000, has started to fall as soon as 2017 came to an end. This could be happening due to the increased interest of investors in altcoins, which are seeing a surge in price from this year.
As reported by CoinDesk, Bitcoin started today’s session with a price of $13,585 and reached a high of $13,601, before the sudden fall happened at 07:00 UTC, and the crypto saw a price drop from $13,210 down to $11,850 at 08:30 UTC. This makes it one of the highest drop in Bitcoin’s price by $1,360 in just one and a half hour.
When we talk about the interest of big players in the cryptocurrency it varies in different segments. Large financial institutions have entered the ongoing fray of cryptocurrencies as the Bitcoin futures have been launched by the biggest trading exchanges CBOE and CME. Whenever Bitcoin sees a drop in value to this extent, there are chances that some big investors have taken out their investments. Meanwhile, the celebrity endorsement has also given a push to Bitcoin, which resulted in this skyrocketing price.
It could be said that investors of Bitcoin are on a roller coaster ride. The price of cryptocurrency is unpredictable and fluctuates every second. However, according to the data revealed by CoinMarketCap, all the top 20 cryptocurrencies in terms of market capitalization crashed today, as Ethereum is down by 14 percent, Ripple is down by 21 percent and Bitcoin Cash also saw a drop off by 19 percent during the past 24 hours.
Image Source: CoinTelegraph