CBD VAPE,THC VAPE,CBD, Best Cbd Vape Cartridge, Vapes Near Me, CBD Disposable Vape Pod Shenzhen Essenvape Technology Co., Ltd. , https://www.essenvape.com
Bitcoin price trend "roller coaster" 7 days worth 7,000 US dollars
Bitcoin dropped over $7,000 in just seven days, while Bitcoin Cash, Bitcoin Gold, and other internal forks further pressured the price of the leading cryptocurrency. Meanwhile, the chairman of the U.S. Securities and Exchange Commission (SEC) warned about the hidden risks behind the Bitcoin frenzy.
The rapid rise of Bitcoin in December reached a turning point. After hitting the $20,000 mark on December 17, the market turned sharply downward. By December 22, the daily drop exceeded 20%, and over the past seven trading days, Bitcoin’s price fell by nearly 30%. The sharp decline led to temporary trading halts on Coinbase, one of the world’s most popular crypto exchanges.
As of press time, Bitcoin remained weak, with Bitfinex quoting the price at $12,612, down 10% from the previous day. The dramatic price swings have been described as a "roller coaster" by many analysts, with the 7-day fall amounting to almost $7,000.
In just 24 hours, Bitcoin lost over $100 billion in market value, surpassing the combined market caps of Goldman Sachs and Morgan Stanley. Trading volumes also plummeted, causing some platforms’ servers to crash. Coinbase reported a surge in sell-offs, leading to temporary trading disruptions.
After the sharp drop, the Bitcoin market showed signs of divergence. On December 23, the price rebounded to around $15,000, recovering from its low of approximately $11,000. However, by December 24, it fell again to about $13,000. As of now, the price on Bitfinex remains at $12,612, down another 10% from the prior day.
From mid-September to mid-December, Bitcoin experienced a meteoric rise. In early November, it was trading near $5,000. By late November, it surged over 40%, breaking through the $10,000 level and continuing to climb to $15,000. In December, the price soared to a peak of $20,000. But in the last seven days, it dropped by $7,000, wiping out much of the gains from earlier in the month.
Multiple factors contributed to the recent downturn. Some industry insiders suggest that the launch of Bitcoin futures on U.S. exchanges has increased short-selling opportunities for speculators. On December 11, the Chicago Board Options Exchange introduced Bitcoin futures, followed by the Chicago Mercantile Exchange on December 18. These developments expanded the channels for investors to bet against Bitcoin.
Additionally, strong speculative sentiment in the market raised concerns. Many believe that the rapid price increases were unsustainable, and the market was due for a correction. The rise in Bitcoin’s price attracted a lot of new investors, but it also fueled fears of a bubble.
Internally, Bitcoin faced challenges as well. The community is divided over the future of the network, leading to multiple hard forks. Forks like Bitcoin Cash, Bitcoin Gold, Super Bitcoin, and Bitcoin God created confusion and diluted the value of the original Bitcoin. Even some long-time supporters, such as the founder of the Leipzig mining pool, shifted their support to alternative forks.
Overseas institutions have also warned about the risks associated with Bitcoin. SEC Chairman Jay Clayton emphasized the need for caution, noting that ICOs are not registered with the SEC and that no publicly traded funds holding digital assets have been approved. He highlighted the risks of investing in unregulated markets.
Charlie Munger, vice chairman of Berkshire Hathaway, called Bitcoin a “crazy bubble†and advised investors to avoid it. He compared it to a speculative frenzy that could lead to significant losses. Similarly, Bank of Japan Governor Haruhiko Kuroda stated that Bitcoin does not function like a normal payment method and is primarily used for speculation.
Security risks also remain a concern. On December 19, South Korean exchange Youbit filed for bankruptcy after being hacked, losing 17% of its assets. This marked the second major security breach for the exchange in a single month. In China, authorities recently cracked a Bitcoin theft case, where a suspect stole over 20 million yuan worth of Bitcoin through a hacked wallet.
With so many factors at play, the Bitcoin market continues to be volatile, raising questions about its long-term stability and investment potential.