FAST FIVE: Why Did Crypto Markets Experience A $27 Billion Wipeout?
So we've got ourselves a crypto civil war, and that has people in the market concerned.” On November 15, Bitcoin Cash successfully updated its protocol in a hard fork with support from the community.
Volumes are weak, trading activity is low, and the sheer intensity of the recent drop of the crypto market has reduced the probability of a corrective rally.
One thing I would like to highlight is the response of large market cap cryptocurrencies against this BTC drop.
That will likely take weeks, if not months, to repair to create a durable enough price 'structure' to support a multi-month rally.” The analysis of Sluymer echoed that of Willy Woo, the creator of cryptocurrency market data provider Woobull.com, who previously stated that BTC will likely remain in a low price range until the second quarter of 2019.
The recent turbulence is due to the combination of some systematic end of the year selling (that is businesses are closing their books) and some mess around the Bitcoin Cash fork.” As the Bitcoin Cash hard fork and the hash power conflict among Bitcoin, Bitcoin Cash, and Bitcoin Cash SV stabilizes, the market is expected to calm down and find its stability and momentum.