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Will Bitcoin and Ethereum drop again?

Bitcoin and Ethereum down over 20% for July 2017. Is this the last one?

bitcoin

The great digital currency bull run of 2017 came to a screeching halt in early June. Shortly after hitting all-time high bitcoin broke 3000 dollars and Ethereum nudged $400 the party ended, and cryptocurrencies of all stripes plunged.

The picture of crypto moneys is even less pretty as most types of digital currency are firmly in bear territory since July began. How bad is it? Alex Sunnarborg, a researcher at Coindesk, tweeted a helpful chart that shows the respective declines for bitcoin and other currencies since the start of the month.

bitcoin ethereum charts

As you can see, bitcoin did not fare as badly as some of its smaller rivals. The original digital currency is down around 6.5% while Ether, the cryptocurrency associated with the decentralized computing network Ethereum, is down 29%. Ripple dropped a brutal 39%.

The average overall decline is approximately 22.7 %, though it's important to note some of these currencies are relative minnows. The market cap of bitcoin, the sector's undisputed heavyweight, is currently around $40 billion while that of Dash is $1.3 billion.

All of this raises the question of what is driving the decline and whether the prices have bottomed out. Unlike earlier price jolts in the famously volatile digital currency market, there has been no obvious external shock—a major hacking incident or a regulatory crackdown—to explain the current decline.

As such, the dismal July may simply represent the deflating of a bubble inflated by lots of Johnny-come-lately speculators who rushed into the market in May and June. Now, some are suggesting that, in the case of Ethereum, the market has already hit bottom.

ethereum price on July 15, 2017

And indeed, in the past few days, the price of Ethereum has started nudging upward again, suggesting the prediction is right. On Wednesday, the currency had risen to around $220 from Tuesday's low of $192.

On the other hand, when it comes to bitcoin and Ethereum, it feels like anything can-and does-happen.
If you're a skeptic, you can take account of remarks this week by the chairman of BlackRock who called price charts related to blockchain-based companies "scary" and said bitcoin and Ethereum are in a bubble. Conversely, you can look to recent good news such as the IRS's decision to scale back Coinbase audits, and the lofty price targets set by Goldman Sachs, to think the crypto party is set to start all over again.The only safe bet at this point is that cryptocurrency will continue to be a wild ride for investors for the foreseeable future.
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BTC to SEK 46509.22 3.89 %
BTC to EUR 4829.49 3.54 %
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BTC to GHS 25061.73 3.83 %
BTC to NOK 45410.02 3.76 %
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0.253 BTC to EUR | 09:00:36 0.198 BTC to HUF | 06:00:28 0.2 BTC to HUF | 03:00:30 0.76 BTC to USD | 00:00:03 0.721 BTC to SGD | 2017-10-18 21:00:09 0.707 BTC to PHP | 2017-10-18 18:00:23 0.207 BTC to AUD | 2017-10-18 15:00:28 0.57 BTC to AUD | 2017-10-18 12:00:18 0.448 BTC to AUD | 2017-10-18 09:00:08 0.61 BTC to CAD | 2017-10-18 06:00:38 0.5175 BTC to USD | 2017-10-18 03:00:08 0.536 BTC to PHP | 2017-10-18 00:00:15


Bitcoin and other exchange rates are updated each second. Intraday rates start at 00.00 (UTC timezone) and finish at 23.59. The detailed prices are calculated in that interval.
Last Update of Bitcoin Rates (UTC): October 19, 2017 - 10:35

About Bitcoin

Is it Money?

Bitcoin is an electronical money unit that it never can be print or visually visible. It is a digital currency money that you can buy and sell in Bitcoin Market. Bitcoin is a money unit but it is not printed, like the other moneys as dollar, euro or pound. Bitcoin is used electronically and no one take the control of it. In short, bitcoin is a digital currency. You can monitor realtime bitcoin prices at live bitcoin price.
It is a payment system based on digital currency.
Bitcoin Mechanism: Bitcoin works behind a new technology based on digital money. It works as a mobile app that you can send and receive data. Just like that, if you have a bitcoin wallet, you can send BTC and receive BTC both. It is a digital wallet that you may pay with your bitcoins when you get a service.
It works systematically with transactions as banks. Bitcoin network shares a public method (ledger: Block Chain).The chain contains all transaction processes which happened already. This ledger provides a permition to an user's computer to verify the validity of a transaction. Each transactions are protected by digital signatures corresponding to the "Sender Adress". The system provides that an user can control btc wallet to send bitcoins from his wallet.
Bitcoin Owners: No one controls the Bitcoin Network. It is a technology like cloud, emails, apps, etc. All bitcoin users control the network around the world. Bitcoin Market: Economy markets are not open for all day but bitcoin markets are open 24-hour in 7 days. Price of Bitcoin may change in each second. You can exchange your bitcoins in 24/7.


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