Why is the price of Bitcoin and Ethers dropping?

Bitcoin - Plensy

Is the price of Bitcoin and Ethers crashing because of rumors that Bitcoin and Ethereum are not regulated? The latter has proven it has been able to adapt to the changes by starting to process Ethereum transactions with a few major banks and credit card companies. Is the price of Bitcoin crashing because of China’s economic slowdown? China is a great source of demand for Bitcoin and Ethers because the number of Bitcoin miners is very low in China. Instead, China is home to one-third of Ethereum miners.

 

Elon Musk has stopped accepting Bitcoin as a form of payment

Quartz has reported that Musk has said on Twitter: “The Bitcoin hype is reminiscent of the dot-com bubble.” “It’s actually quite ridiculous. The government needs to crack down on this stuff.” The Tesla founder is not alone in his opinion and has described Bitcoin as “a fraud”. Bitcoin traded at around $6,800 (€5,900) in late September but was worth more than double that at $50,180 at the time of writing, according to CoinMarketCap. The price of a single Ether has been cut in half in the last six months and is currently trading at $4,065  at the time of writing. “The Bitcoin hype is reminiscent of the dot-com bubble.

Bitcoin’s price has fallen by more than 10% in the last week

The first-ever conference to promote blockchain technology starts next week, taking place in Zurich from Monday 9 March, and will be attended by more than 200 experts in the space. Tesla CEO Elon Musk will no longer accept payment in Bitcoin The ‘Blockchain and Cryptocurrencies: Making a Difference’ conference will look to bring together leaders in the world of finance, technology, and law, among others.

Bitcoin and Ethers are back on track

The current price of Bitcoin has dropped to $50,000 from $58,000 in the last 24 hours, says CoinGecko, while the Ether price has dropped to $3800 from $4400 last week. The price of a Bitcoin transaction is around $38, according to price tracker Coin Dance, while a transaction to move 1 Ether costs more than $9. This shows that Bitcoin is more expensive for everyday use compared to Ether. The price drop over the last week has not only impacted Bitcoin, but also Bitcoin Cash and Bitcoin Gold.

Conclusion

Cryptocurrencies are based on complex technology. Anyone can go into the exchanges and buy Bitcoin and Ether. Anyone can go to the exchanges and sell Bitcoin and Ether. Cryptocurrencies are an excellent store of wealth. But there is no guarantee of safe-keeping. The combined value of cryptocurrencies is over $2.34 Trillion. Despite a number of the major cryptocurrencies now trading at a market capitalization of over $2.34 trillion, there is a lot of speculation about the possible values of Bitcoin.

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