Bitcoin, Ripple, And Ethereum Drop Dramatically Late November— Bridgestone Partners Look What H

Bridgestone Partners, based in the financial hub of Chiyoda, Tokyo, has experienced professionals and sound financial strategies. We provide objective customized solutions to assist individuals and business owners in reaching their financial goals.
Spread the Word
Listed Under

* Financial

* Finance

* Chiyoda-ku - Tokyo - Japan

CHIYODA-KU, Japan - Dec. 3, 2018 - PRLog -- Bitcoin fell sharply over late November, dragging the wider cryptocurrency market down with it, others including Ripple (XRP) and Ethereum's ether, as the huge sell-off surged back, destroying hopes the Bitcoin market had settled a floor price. The volatility seen throughout November continues to cause chaos for traders, investors, and exchanges.

The Bitcoin price is has lost as much as 80% from peaks of almost $20,000 late 2017, while other major cryptocurrencies Ripple (XRP) and Ethereum are down by similar percentages. Bitcoin lost 40% of its value in just two weeks of November, the worst bitcoin price carnage in 5 years.

The recent bitcoin price falls are not linked to any particular fresh news but a continuation of the sell-off ignited earlier this month by the fork of the bitcoin cash cryptocurrency that sparked a civil war between the bitcoin rival factions.

Ripple, the regular name for the XRP digital token, has done a little better than most over November's big crypto sell, galvanized by deals it continues to write with the traditional financial sector industries to provide cheap and speedy global transactions.

"Bitcoin's latest plunge is evidence of the need for greater regulatory oversight to give a boost to investor confidence," said Herbert Sim, the chief commercial officer at Cryptology, a cryptocurrency exchange based in Singapore. "There is already a huge amount of capital tied up in cryptocurrencies, in excess of $100 billion, so why allow it to continue being a rogue market?

"In order for the space to move forward and investor confidence to settle, regulators need to put standards in place to separate the weeds from the roses in the cryptocurrency world. Having oversight of the cryptocurrency Wild West will legitimize, and subsequently stabilize the industry, which will allow it to reach the next step of maturity."

"There's still a lot of people in this game," Stephen Innes, head of trading for Asia Pacific at Oanda, told Bloomberg last week. "If we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits."

Sonny Singh, the chief operating officer of U.S. cryptocurrency payments processor BitPay, thinks Fidelity, which last month announced it's launching off a stand-alone company dedicated to bringing cryptocurrencies to institutional investors, and Bakkt, an ICE-backed cryptocurrency platform scheduled to go live in January, will push enough institutional money into the crypto market to trigger a bull run in 2019.

"Around the world, you're seeing adoption of bitcoin and cryptocurrency products. There are different use cases all over the world," Singh told Bloomberg. "If these traditional incumbents launch their products as expected you'd see a price of maybe around $15,000 to $20,000 [per bitcoin] by the end of next year, but that depends when these products are launched because nothing moves fast in fintech."

Dennis Aoki
Media Office
Bridgestone Partners

+81 3 4590 3029

Media Contact
Dennis Aoki
Bridgestone Partners
Posted By:*** Email Verified
Location:Chiyoda-ku - Tokyo - Japan
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse

Like PRLog?
Click to Share