Unbelievably, this time last year Bitcoin prices had skyrocketed to nearly $20,000 in some countries. Now, the Bitcoin prices have dropped down to as low as $3,250 which has literally wiped out all gains from coins purchased this year.
There has been a price drop of BTC at an astounding 40 percent from the last two weeks which makes this the worst price drop since April 2013.
As per a report, the price drops are likely the consequence of splitting Bitcoin into Bitcoin cash. The fall of bitcoin has been quite dramatic since the start of 2018 with more than half of its near $20,000 value wiped out in January itself. Last year the suspension of hard fork planned by major developers and investors proved a major catalyst to its breakneck rise.
Since then cryptocurrency has been in free fall and never did recover. The report states that Bitcoin Cash and several other bitcoin forks have reported losses of more than 10 percent in a 24 hour period.
Traders and market makers blamed bitcoin’s slide on heavy selling at leveraged exchanges in Asia. Few exchanges in the West lend bitcoin to traders, making the Asian venues popular with speculators.