Crypto Market Is Going Down

Marco Green
December 4, 2018

It was a rough November 2018 for Bitcoin and cryptocurrency investors or traders.

Ethereum price dropped by 5,37% and now it is at the level of $111.

Bitcoin has ended November down 37.4 percent, its worst performance in seven years but after hitting a near two-year low is starting to show signs of a recovery. For instance, XRP, the world's second largest cryptocurrency, dropped 18 percent in November while ether fell 43 percent in the same time period.

Earlier this year, the Federal Reserve had published an article on its official website that stated that the decline in the price of bitcoin is due to the launch of CME Bitcoin Futures.

Bitcoin reached the all-time high a year ago in December when the price of bitcoin reached around $20000.

An end to the war over the future of Bitcoin Cash, an alternative cryptocurrency to bitcoin Nov. 27 helped settle markets somewhat to see bitcoin priced at $3,964 as the close of November. Moro also mentioned there was a good bit of buying action around the $4,000 level at Genesis. Bitcoin's share in the market is 53,6%.

Digital currencies got the backing of a key figurehead on Wall Street - Jeff Sprecher, chairman of the New York Stock Exchange and CEO of its parent company ICE.

The Intercontinental Exchange is backing a version of bitcoin futures through a start-up called Bakkt that goes live in January. Both celebrities agreed to pay certain fees or penalty fines as a result of the charges, although neither admitted or denied the charges.

In the first few days of December, the price of bitcoin has traded in a $3,900 to $4,200 range, returning to a similar trading range, be it at lower prices, bitcoin was trading at before the price started to plunge November 14.

Other reports by Click Lancashire

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