Crypto news | Bitcoin is still dropping

Hello and welcome to our last crypto news for the week. After Bitcoin went down by $2000, the main cryptocurrency continued to drop yesterday and actually went below $14,000 at one point. This trend is continuing today in Asia, as bitcoin is still dropping, all the way to $12,560 at one point today. That’s a loss of more than one third compared to the currency’s value of $19,666 on Sunday. However, swings like this are nothing new for bitcoin. Not only was a correction in price predicted by numerous analysts, but drops like these happened twice this fall. In September, the cryptocurrency lost about 40% of its value, falling from just under five thousand dollars to under three thousand, whereas in November it lost about 30% dropping from almost $7900 to about five and a half thousands. In both cases, drops were followed by huge gains. Can we expect the same this time, too?

Since bitcoin is still dropping, investors are turning to other cryptocurrency for profit. Among those, Ripple and Verge are the biggest winners, jumping 400% in the last week alone. Additionally, a lot of people are choosing Bitcoin Cash over the original bitcoin, so we would keep our eye on these three bitcoin alternatives if we were you. They could very well have a huge role to play on the market in the future.

As for the news concerning “real” currencies, the euro suffered a blow after regional election in Catalonia. The parties favoring the region’s independence have won an absolute majority, so the currency dropped to $1.1817. However, it quickly recovered to $1.1849, which showed that this may have very little effect on the euro in the long run. This is because no other country in the world is willing to recognize the region as independent, so the whole idea of separation from Spain is not possible at the moment. Given that Catalonia actually declared independence earlier in the year and failed, a different approach can now be expected from the separatists.

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Author: Max Rothstein

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