The cryptocurrency market is demonstrating volatility on the eve of Christmas. However, after yesterday, cryptocurrencies gradually restored. A large part of the coins rose by 10-20% in the last 24 hours, after falling more than 30% on Friday, December 22.
The cryptocurrency market capitalization fell from $650 billion to $430 billion, and then recovered to the level of $585 billion.
Within days, bitcoin has dropped from a record $20 000 to $11 970. At the time of publication of this article according to data from Coinmarketcap, the cryptocurrency is the number one traded at $13 187.
Ethereum, the second world cryptocurrency, yesterday lost about $30 billion in market capitalization, but soon largely recovered. Now Ethereum capitalization of approximately $72 billion. On European markets while the cryptocurrency is trading at $720, and South Korea – at the level of $906.
Cash Bitcoin compared to other cryptocurrencies in the last 48 hours were the most susceptible to volatility. Aldon fell from $3 909 $1 970, and then rose to $3 400. Excessive market turbulence, according to experts, was the result of alleged insider trading on GDAX Coinbase, one of the world’s largest kryptomere.
Good news and bad news
The past week has been extremely volatile for the cryptocurrency industry. After the opening of the December 10 exchange CBOE futures exchange, CME Group a week later, on 18 December, has launched a futures product. Trades on the CME opened when the volatility of the bitcoin began to increase.
20 Dec the Creator of Litecoin, Charlie Lee, sold or gave away all their savings due to “conflict of interest”. However, some questioned his motives, since a week earlier Whether the predicted Litecoin multi-year bearish trend in the market and the rate drop to $20.
Ok, sorry to spoil the party, but I need to reign in the excitement a bit…Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
In his Twitter, Charlie Lee warned users:
“Sorry for the bad news, but I’m excited…Buying LTC now is very risky. I expect the offensive multi-year bear market, similar to when the price of bitcoin has fallen by 90% (from $48 to $4). Therefore, in order to survive the drop Litecoin to $20 dollars, not buy coins!”
Following the example of the CBOE and the CME, Goldman Sachs, on 21 December announced plans to open their own cryptocurrency trading Board, which is expected to begin work from the end of June 2018.
While certainly it is unknown what caused this drop in the market. Charlie Shrem, a founding member of the Bitcoin Foundation, believes that the market has seen such a price movement and that the reasons for panic.
“There is nothing new under the sun” – Same thing happens every year (https://t.co/qaNwMLJH3k) pic.twitter.com/sJQqGLb2wp— Charlie Shrem (@CharlieShrem) December 22, 2017
“Everything new is well forgotten old. Every year there is all the same. (CryptoIQ.co)”.