BIGGEST Cryptocurrency Meltdown 2018: Bitcoin, Ethereum and EOS Huge Price Crash – Theories WHY (Infographics)
Bitcoin, Ethereum and EOS and other cryptocurrencies continue to lose their value. Some of them dropped significantly, check out the detailed information and possible reasons on Nexter.org.Â
In a nutshell
Almost all the top coins, including Bitcoin, Ethereum, Ripple, and EOS have experienced a total meltdown and dropped by 6-17 percent. Stellar dropped least with the recording losses of over 6 percent.
Bitcoin was one of the cryptocurrencies that experienced double-digit losses – 15-17%.
Bitcoin
In the last 24 hours, the Bitcoin has lost 16.5 percent of its value and now cost $500. To compare, in December 2017 it cost $3737.
Source:Â coinmarketcap.com
Ethereum
Ethereum dropped to 15 % during the last day. Its price is $226. Compare it to the value of February 2018 when Ethereum cost $1117.
Source:Â coinmarketcap.com
EOS
EOSÂ fell around 16.30 percent in the past 24 hours and now cost $5. At the peak of its price, it cost almost $20.
Source:Â coinmarketcap.com
Three possible reasons why it happened
#1 ShapeShiftÂ
A theory offered by Tanya Abrosimova of FXStreet suggested that the introduction of a registration process for the popular instant bitcoin exchange ShapeShift might have caused the drop in cryptocurrency prices.
#2Â Goldman drops crypto trading plans
Goldman reportedly drops crypto trading plans, Business Insider reports.Â
“In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering,” Goldman Sachs said in a statement.
“No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold,” bank’s CEO Lloyd Blankfein stated.
#3 “Too early to call this a true resurgence”
For those, who were sure that crypto-nightmare has come to an end, were wrong.
“Bitcoin’s price might be rising but it’s way too early to call this a true resurgence,” said Matthew Newton, a market analyst. “We’ve seen the price yo-yo for several months so I’d be hesitant to herald this as a new dawn just yet… Traders should be cautious.”
He added: “Looking ahead, there is plenty to be positive about though. There’s lots of great fundamental news about the development of cryptocurrencies right now, but that’s going to take time to filter through and impact on price.”
What’s next
The cryptocurrencies might stabilize near 6832-fiat, but Nexter.org cannot guarantee that the price will as high as it was before the meltdown.
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