Bitcoin had crashed below $6,000 to reach its lowest value in almost nine months, as investors continue to react to recent allegations of price fluctuation.
The world's most valuable crypto-currency dropped to $5,826 on Sunday, 24 June, according to CoinMarketCap, but has since seen a grate recovery to return above $6,000 and currently at a price $6,300+ (6% growth).
The price fall was reflected across the crypto-currency markets, with ripple, ethereum and bit coin cash (BCH) all dropping by between 10 to 20 per cent over the last week. All of the major crypto-currencies have seen slight upward moment of price between 3 to 10 percent over the last 24 hours.
The current price low means bit coin is now trading at less than a 3rd of its 2017 ATH, which saw the crypto-currency spike close to $20,000 in December,2017.
The recent downward trend is a reflection of investors' current sentiment, which has been hit by some negative news that includes a huge South-Korean exchange’s hack (Bithumb) and a study that claims the highs of 2017 may have been artificially inflated.
The $30 million theft from the Seoul-based Bithumb exchange last week was the second time this month that a crypto-currency exchange in South Korea has been hit by hackers, following the successful targeting of the Coinrail exchange on 10 June. Both instances resulted in the price of Bitcoin and other virtual currencies to drop.
According to many giant investors they says that it’s right time to enter into the market, because by the end of 2018 Bitcoin will cross its ATH.
Comment below- Can BTC cross its all time high by this year?
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