This week, 99Bitcoin, a portal that tracks articles and reports about the imminent disappearance of cryptocurrencies, recorded the 200th death of Bitcoin. The price of Bitcoin fell below $10,000 today and this has created huge panic among investors.
However, the negative vectors of the graphs changed in a positive direction, most tokens again became green, indicating an increase in price. The cryptocurrency market as a whole has been in decline since the price of Bitcoin rose to $20,000, but the recent decline in prices has many worried. Over the past month, the top 10 altcoins have lost much more value than Bitcoin, leaving investors with no choice but to exit the cryptocurrency market. During this period, there was a large outflow of funds from the market - from $700 billion to $400 billion. The fall in Bitcoin price from $14,000 to $10,000 equates to approximately 30%. Bitcoin experienced three similar price declines in 2017.
Given that such price swings are inherent to Bitcoin, there is no reason to panic. After all, the decisive factor for this was the decision of the Korean government to ban cryptocurrencies, and South Korean citizens have already collected 260,000 signatures, demanding that the government immediately resolve the issue.
According to https://cointelegraph.com
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