Bitcoin Falls Below $3600
It looks like the bear season has no end in sight. The price of Bitcoin continues its drop, and for the 1st time in roughly 2 years, dropped below $3600. It is currently trading at $3584 at the time of writing this article. The king of cryptocurrencies is dropping in the red and dragging down altcoins with it. So far it lost 2.25% in value in less than 24 hours, with most analysts claiming it will drop even lower.
One of the main culprits for the drop may have been news coming out of Japan. The Japanese FSA (equivalent to the U.S. SEC) disappointed many cryptocurrency & Bitcoin enthusiasts and declined approving a Bitcoin ETF (Exchange Tradeable Fund). This was an uncharacteristic move by the Japanese regulators, as Japan was one of the most welcoming countries in the world for cryptocurrencies.
What about Alts?
The crypto-winter sparred very few cryptocurrencies and the charts are nearly all red. One of the few known cryptocurrencies to make gains was TRON, which gained a nice 4% over the past 24 hours. Another big mover was Waves, which gained 6% over the last 24 hours.
One of the worst hit cryptocurrencies was Ethereum. It managed to lose 5.63% over the course of the past 24 hours. Luckily for Vitalik & Ethereum fans, the Constantinople hard-fork is on the way. This is expected to be released in the next few days and make many improvements to the Ethereum blockchain. The Constantinople hard-fork is also most likely to boost the price of ETH and make Ethereum a viable competitor to newcomers, such as EOS & Tron.
Where to Next?
It seems that the bear market might continue & we might see Bitcoin reach lows of $3400 in the very near future. The biggest question as per now seems to be: "When will the bear run be over?". Hopefully we'll see Bitcoin back in the green soon.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado