GAHANNA WEATHER
January 18, 2019
News

Bitcoin’s November Crash

Cryptocurrency’s instability. (Flickr)

This past November, Bitcoin dropped by about 40% in value, starting above 6,000 USD per coin at the beginning of November and now having a value of close to 4,000 USD.

The cryptocurrency made itself heard last December when its price per coin broke past $19,000 before rapidly decreasing in value the months immediately afterwards. According to Bitcoin.com, Bitcoin’s value has been falling for the past half-year, from $11,000 in March to $7,500  in August. The sudden drop from $6,000 to $4,000 was not at all unexpected.

Multiple reasons for the crash include the sudden split of Bitcoin Cash, which is a separate cryptocurrency from Bitcoin that split into two cryptocurrencies in November, Bitcoin ABC and Bitcoin SV, which caused a ripple in this financial business in general. Other variables involve recent crack-downs on Initial Coin Offerings (ICOs), which are fundings using cryptocurrencies and subtle hints that interest in the cryptocurrency business is waning.

Although this turn might be a low for Bitcoin, it still has the highest value per coin out of all the cryptocurrencies and will most likely stay that way in the future.

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