Worst Crypto Week Since Bubble Burst Takes Loss to $700 BillionNovember 29, 2018
CREDIT TO: ERIC LIBOIRON
A cryptocurrency is a form of digital asset that works as a medium of exchange. The cryptocurrency uses strong cryptography that is helpful in securing the transactions, controlling the additional units of currency and verifying the transfer of assets. Cryptocurrency is a type of alternative to the paper currency or it can be named as digital currency.
The cryptocurrency was the largest selling currency and the way to people used to make transactions. However, recently cryptocurrency has gone through the worst crypto week since bubble burst takes loss to $700 billion. Before this cryptocurrency was enjoying the highest share of the market. One of the cryptocurrency bitcoin also called the market leader in cryptocurrency, was available at the highest price of the cryptocurrency history.
Bitcoin had the largest share of the market of cryptocurrency. It emerged as the most trusted currency as the people began to trust its security and verification process. What was the system that made it so reliable? The bitcoin uses a strong cryptographic system. The cryptocurrency came up with a new way to secure the transactions and verification of transfer the money.
It was a decentralized way to secure the system. Nothing, in this system, was centralized. No main server holds that controls the whole transactions system. The packets are spread in the space where the data travels. There is no link to upper management or company to the data, but the whole public who are connected to the network can see it. All they will have to do to enter the pin or password code to know the information they have processed or requested to the network to process.
It gained much popularity around the world — the news about that it has reached the peak of the market share and made history of popularity with the highest market share. You can guess with its price that had reached up to $20,000 per BTC in 2017. The hackers attacked the BTC system and stole a significant amount of BTC. It was a shock for the cryptocurrency users. From the second half of 2017, the cryptocurrency started to face a downfall. There was not an issue with the company. However, with time the situation became worse. At its start, the fall of cryptocurrency was so minor; later it increased.
However, it faced a big downfall when largest economic countries declared the cryptocurrency as a non-secured medium of transaction. The countries forbade the nation to deal in the BTC or any other cryptocurrency. It was a first-time shock for the cryptocurrency based companies. Russia was one of the countries which did not allow the BTC or cryptocurrencies to work in their country. Soon the other countries like Bolivia, Sweden, India, China, Thailand, and Vietnam opposed and did not allow the use of cryptocurrency.
Bitcoin has sunk toward $4,000 now, and most of its peers have tumbled on Friday, the Bloomberg Galaxy Crypto Index’s decline16 to 23 percent since November. That’s the worst crypto week since bubble burst takes loss to $700 billion. The experts who keenly observe and study the rise and fall of cryptocurrencies, predict that it may remain its position from $3,500 to $6,500. However, it will go down till $2500 at least.