Bitcoin has yet again found itself in a spot of bother. The cryptocurrency market has been bearish for the past week, but things are starting to look up.
There was a slight recovery on Tuesday and Wednesday, with Bitcoin (BTC) and Ethereum (ETH) both rising above $30K and $320 respectively. However, today’s drop has brought us back down to earth again: Bitcoin moved under $35K while Ether dropped below $300 in just 24 hours after hitting record highs yesterday.
Bitcoin price is down more than $20,000 since last week and ETH price has fallen 8% after the major Ethereum merge.
Bitcoin Loses A Substantial Amount Of Price
Ethereum’s long-awaited Constantinople update was implemented on block 6290000 yesterday, but it appears that the hard fork has been less successful than expected.
network experienced several issues with various nodes and blockchains freezing or stalling at different times throughout the day — some of which were resolved by developers updating clients to remove certain bugs in Constantinople or revert back to previous versions of Geth and Parity software that don’t include these problems.
Once everything had settled down again, though, we found ourselves standing in front of yet another cryptocurrency crisis on multiple levels: firstly because ethereum’s upgrade has been delayed until March; and secondly because bitcoin lost a substantial amount during this time (that’s over 20k for those keeping track).
The world’s largest cryptocurrency by market capitalization declined below $35,000 on Thursday after hitting record highs in the previous trading session.
Bitcoin fell to as low as $34,254 at around 8:00 a.m. UTC (5:00 a.m. ET) before recovering slightly to trade around $34,500 at press time, according to CoinMarketCap data.
The drop follows bitcoin’s sharp rise on Wednesday when it reached an all-time high of $42,061 near 4 p.m UTC and continued its rally until 11 p.m., reaching an intraday high of nearly $45k before falling back down below $40k again later that night – only for prices to start rising again just before midnight!