November hasn’t been the best month for cryptocurrencies, after a significant drop last week, enthusiasts were hoping for a crypto recovery.
However, experts say the drop is also due to a broad-based selloff in digital currencies, exacerbated by several factors.
The downtrend could be a result of many things, with experts factoring in increased US regulatory scrutiny and further delay of the launch of bitcoin futures by Intercontinental Exchange’s crypt platform, Bakkt.
It’s also predicted the selloff was influenced by the US Securities and Exchange Commission investigations into crypto.
Bitcoin fell as low as $3,519.94 on the Bitstamp platform, following a 14-month low.
The digital coin has lost 74% of its value this year, after facing the worst fall for Bitcoin in December 2017, hitting nearly $20,000.
Ethereum, Ripple and the Crypto market
The fall continued with Ethereum’s ether dropping 7% at $106.69, and Ripple’s XRP fell 5.6% to 34 US cents.
There’s debate among experts whether this could be the beginning of the end for cryptocurrencies, with some analysts looking at the situation with a positive outlook, saying it could be the perfect opportunity to take advantage of volatility in the market.
However, mainstream investors have steered clear of Bitcoin in response to the drop, seeing extending falls in recent weeks has created concerns over frequent swings in price.
Experts suggest that because Bitcoin is only 10 years old and has already seen massive falls of 92% back in 2011, and 85% in 2015, this year could be the worst for the coin with $700 billion in market cap knocked off the crypto market.