Bloodshed Continues As Crypto Market Weakness Persists
Bloodshed continues in cryptocurrency, with the sell-off triggered on November 14th, 2018, sparking persistent crypto market weakness. At press time, most major currencies continued their slide, dragging the total market cap down to around $182 billion USD, per CoinBillboard.
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Pace of Decline Slows, But Market Remains Weak
The November 14th flash crash saw most major currencies fall by double-digits, led by bitcoin’s unexpected 11 percent price plunge.
Some have attributed the crash to the contentious Bitcoin Cash hard fork of November 15th. The Bitcoin Cash schism has cast some doubt about cryptocurrency’s integrity and stability. CNBC’s Brian Kelly spoke of a drop in market confidence due to the fork, which contributed to the general market sell-off:
“Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned.”
— CNBC's Fast Money (@CNBCFastMoney) November 14, 2018
Dr. Craig Wright Implies Responsibility
BitcoinSV’s spokesperson and nChain CTO Dr. Craig Wright appears to have implied responsibility for some of the fall by engaging in a hash war with Bitcoin ABC.
To all BTC miners…
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot!
And, have a nice day
(BTC to 1000 does not phase me) pic.twitter.com/oUScEahtWc
— Dr Craig S Wright (@ProfFaustus) November 14, 2018
Of course, Wright has made a number of statements in the past that have been driven solely by ego, the most outrageous of which was his 2016 claim that he was Satoshi Nakamoto:
Accurate or otherwise, Wright’s antagonistic approach toward detractors and the general public led many to conclude the declaration a falsehood. However, Ryan X Charles of Yours.org has supported the assertion.
Era of Bitcoin Stability Over?
Regardless of the cause of the sell-off, bitcoin’s unprecedented run of price stability has come to an abrupt end. Having enjoyed over two months of extremely low levels of volatility, the OG cryptocurrency has now sustained the ten percent plunge it experienced a few days ago. Prior to the flash crash, it enjoyed a 60-day volatility average of slightly over two percent.
Have your say. Is the bleeding going to continue or will we see a bounce from here?
Images via Pixabay