The prophets of cryptosmoderns, which have long prophesied the collapse of Bitcoin but no one hears them, can now be justified.
The sector has lost almost one-third of its value since the beginning of June at its highest point, and is now what analysts of traditional markets call bear market. Bitcoin, the most widespread of digital coins, is currently about 20 percent lower than the $ 3,000 high on June 12. The smallest cryptobodies like Ethereum and Ripple are even more powerful.
The debate about whether digital currencies are a "bubble" that will burst at some point has begun at the beginning of the year. When the value of cryptosmodels began its rapid rise, many market players expressed intense skepticism, including the famous technology tycoon, Mark Kuban.
On the other hand, supporters such as Ripple CEO Brad Garlinggach, have the opposite view. "I would be surprised by a big collapse," Garlingghouse said during an interview he gave to Bloomberg on Monday. "A further increase in the value of the digital currencies market, on the contrary, would not cause me any surprise," he said.
Digital coins are currently worth a total of $ 80 billion, last Friday worth $ 100 billion and $ 115 billion on June 14, according to Coinmarketcap.com.
The fall this week coincides with the start of the trial of the former head of Mt. Gox, the Japanese Bitcoin exchange that collapsed in 2014 after losing billions of hundreds of millions of dollars. Chief Executive Officer of Mt. Gox said innocent by denying the embezzlement charges he faces in a Tokyo court.
Market turbulence is expected to continue as rival bitcoin supporters will adopt two different upgrades at the end of this month. This increases the likelihood of the bitcoin market being split into two, an unprecedented event that can cause a great deal of shock to the market for cryptography.
Volatility is nothing new for cryptoshop buyers who are experiencing losses as bureaus try to cope with the rapid rise of the market amid speculation about wider use of digital coins and blockchain technology.
We wil know for sure in September
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