Bitcoin's Price Suffers a New Drop | 15% Off ATH

Investors in bitcoin and people interested in the cryptocurrency market will definitely not be happy about the latest evolution of the digital currency. The price of bitcoin has decreased with about $1,100 in around two hours on Bitfinex exchange.  

Once again, the high volatility of the cryptocurrency market has been proven, as the price of bitcoin fell by around $1,100 in the matter of a couple of hours. Although in the past few days the price of bitcoin grew to the $19,000 price range, it started to decline, initially to $18,401, and then to $17,255. Currently, the price of bitcoin is around $17,194.

Why bitcoin's price dropped

The exact reason why the cryptocurrency experienced this decrease is difficult to determine at the moment, but some analysts claimed that that it may have something to do with the fact that Youbit announced its decision to file for bankruptcy. The South Korean exchange announced in an official statement that following a second hack this year, it halted trading and filed for bankruptcy.

However, other analysts said that since Youbit is a small exchange on the South Korean market, its bankruptcy filing couldn’t have had such a bit impact on the price of bitcoin on Bitfinex.

Furthermore, it has been reported that on Bithumb, one of the biggest exchanges in South Korea, bitcoin traded at around $20,000, proving that the impact of the hack on the local market was limited.

What is safe to say is that the latest evolution when it comes to the price of bitcoin was not a positive indication for investors. In fact, since the launch of bitcoin futures on CME, the price of bitcoin has decreased with around $2,000, raising some concerns that the digital currency's price could continue to fall in 2018, instead of increasing as previously expected.