Bitcoin being a crypto currency is a form of decentralized electronic cash. It was invented in 2009 as open source software. Bitcoin is created in a process known as mining and can be freely exchanged for products, services or other currencies.
Crypto currency has been facing volatile market conditions in recent years. This has been magnified over the last couple of weeks and days. The Crypto currency market has lost $25 billion over the last 24 hours and Bitcoin prices have fallen to $4,280 an all-time low. This is due to the fact that people are selling off their digital assets resulting in a free fall in the prices of Bitcoin.
Another reason is the Bitcoin Hash War. This is the splitting of Bitcoin into Bitcoin cash ABC and Bitcoin cash SV. Both of which has different blockchain rules. The Hash War has also resulted in loss of price of Bitcoin.
The search for “Bitcoin” has diminished by 75 percent over the last three months, according to Google Trends confirming that people are quickly losing faith and interest in crypto currencies.
South Korea which is considered as the third largest crypto currency exchange. Crypto currency exchanges there have lost around $50 billion in valuation. This has resulted in plummeting prices of digital assets worldwide.
It is now being considered that crypto currency could be facing an economic bubble as traders rush to sell off their electronic cash. The fact remains that crypto currency prices are falling due to unfair speculation and Bitcoin being one of the most popular crypto currency is facing its lowest prices in almost 14 months.
The sky rocketing prices of Bitcoin and other crypto currencies are ending for now, as they are facing free falling prices and the crypto currency market looks unstable as it moves into unchartered territory.