Bitcoin (BTC) price hits year-to-date low! Experts analyze the causes of the drop
The price of virtual currency Bitcoin fell by more than 15% from the previous day on November 15, hitting a year-to-date low.
According to CoinMarketCap, which lists the market capitalization of cryptocurrencies, there were two times this year when prices neared their annual lows:
- February 6: 1 BTC = $6,812.9
- April 1: 1 BTC = $6,567.8
Source:CoinMarketCap
And the Bitcoin price that renewed its year-to-date low on November 15 at 1 BTC = $5,483.4 shows a large drop of about $1,100 from the $6,567.8 on April 1.
Bitcoin’s price decline has affected altcoin prices as well, and including the altcoins, the total market capitalization of cryptocurrencies fell from $209.9 billion to as low as $180.8 billion.
Source:CoinMarketCap
With a decline exceeding about $20 billion (about 2.27 trillion yen), this too renewed its year-to-date low like Bitcoin price.
Source:CoinMarketCap
Experts analyze the reasons for the overall drop in cryptocurrency prices
Regarding this decline, various experts from around the world have released analyses.
- Bitcoin Cash hard fork (CEO Brian Kelly)
- US stock market slump led by Apple stock decline (Marty Greenpan? or Mattie Greenspan)
- Technical factors (Thomas Seres)
- Inverse correlation with the VIX index (Nana Otsuki)
Now, let's look at each analysis in detail.
Bitcoin Cash hard fork (CEO Brian Kelly)
Brian Kelly, CEO of crypto investment firm BKCM, stated that the hard fork ofBitcoin Cashdrove investors away due to its lack of transparency, causing the overall market to crumble.Analysis.
Crypto melting down today and@BKBrianKellytakes to the charts to get to the root of what exactly happened.
For details on the Bitcoin Cash hard fork, please see below.
>>>Bitcoin Cash (BCH) hard fork causes price to surge 20%! What will happen next?
>>>Bitcoin Cash hard fork succeeds! What about Bitcoin SV in the future?!
Among the top 10 major cryptocurrencies including altcoins, Bitcoin Cash saw the largest drop in percentage terms.
According to CoinMarketCap, Bitcoin Cash fell from November 14 (1 BCH = $534.7) to November 17 (1 BCH = $380.3), a drop of about $154 (over 30%).
Source:CoinMarketCap
In addition, USA's largest cryptocurrency exchangeCoinbaseannounced that it would suspend all Bitcoin Cash trading at 1:00 a.m. Japan time on the 16th, which is considered another factor contributing to the decline.
Bitcoin Cash (BCH) sends, receives, buys and sells are now paused. Please follow@CoinbaseSupportfor further BCH fork updates.
US stock slump including Apple (Matt Greenspan)
On November 14, the US stock market saw the Dow Jones Industrial Average fall for the fourth consecutive day.
The main reasons for the decline include the sharp fall of major IT company Apple stock (concern over slower iPhone sales) and the drop in financial stocks due to negative opinions from Democratic members of the House of Representatives regarding loosening financial regulation.
American media CNBC
