If it wasn’t clear until now that the cryptocurrency market is a highly volatile place, we can be sure that everyone knows now. The market was in the red zone for the first weeks of this month, but then it started recovering only to go in red once again. All top altcoins are losing value right now and its difficult to say when the market will make a comeback.
Bitcoin Goes Down
As everybody knows, Bitcoin is the number one cryptocurrency in the world. Bitcoin holds the highest value per token and its always the first one to suffer when the market takes a dip. One token is valued at $11,800.10 as of now which means that it went down by 1.37 in the last 24 hours. This is actually good news because Bitcoin dropped under the $11,000 milestone on Monday.
Taiwan Anti-Money Laundering Rules
The reason why Bitcoin’s price dipped during these past few days is because Taiwan announced that it might want to introduce Bitcoin trading in anti-money laundering rules. Things get even worse than this since Bitcoin dropped 50% in comparison with its $20,000 price per token that was measured only a couple of months ago.
Bitcoin Might lose 90% of Its Value
This is leading experts such as Peter Boockvar who is the Wall Street veteran and Chief Investment Officer of Bleakly Financial Group to believe that Bitcoin might lose up to 90% of its entire value until the year ends.
This is what Peter Boockvar had to say about Bitcoin’s recent downswing: “When something goes parabolic like this has, it typically ends up to where that parabola began. I wouldn’t be surprised if over the next year it’s down to $1,000 to $3,000”. We should also mention that Ethereum’s price dropped by 4.43% which puts it at $1,060 and Ripple XRP went down by 6.5%.