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Bitcoin falls after a record high of $4500 | UPD: crosses $4000 again

24 August 2017 2

UPDATE (August 24th, 2017):

Bitcoin is back on the track of growth as it crossed $4000 once again. It was last reported to be at $4,276 after a downfall yesterday which marked its lowest price in the past seven days. While Bitcoin's value has been increasing exponentially since the start of the year, this recent decrease in the price is another proof that the cryptocurrency is highly volatile.

The price of world's most popular cryptocurrency, Bitcoin reached all time high at $4500 on August 18th, but yesterday tumbles down below $4000. Bitcoins are now trading at $3,977, which is a 7 days low price. The reason seems to be a notable sell-off at Korean Bitcoin exchange Bithumb, the leading exchange in South Korea. Some analysts mention that it is an expected a correction in the market after Bitcoin currency spilt.

Bitcoins crossed $4000 mark on August 14th. The growth of Bitcoins has been at 40% within this month alone and at least four times for the year so far. In May 2017, Bitcoins reached a record value of $2000 and hit $1000 in 2013. In March 2017, bitcoins surpassed Gold.

The world's most famous cryptocurrency Bitcoin split into two this month only, giving birth to Bitcoin Cash. This event is known as the hard fork. People who held Bitcoin received an equal value of Bitcoin Cash following this ‘hard fork’. The spilt happened because its value going through the roof. With such a popularity, the number of transactions has gone high enough that the technology is not able to handle all of it.

The investment and interest from Asian investors are said to be one of the major driving force for flourishing cryptocurrency. The demand of Bitcoins has been strong in China as the country placed restrictions on gold imports.

This dip only seems temporary as the Bitcoin was steadily rising after hard fork over the past two weeks. Well, analysts worldwide are of different views, some say Bitcoin will become new gold and some says it is just a tech bubble.



Bitcoin falls after a record high of $4500
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