Why is Bitcoin crashing? Worst week since 2013

Why is Bitcoin crashing? Worst week since 2013

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Bitcoin price closed the week over 30% negative around 3,786.00, its worst week since April 2013 and the first close below the 4,000 mark since September 2017. A cocktail of rumours, negative sentiment and legal problems have pushed the crypto king to 14-month lows.

Here is a news roundup of what happened in the crypto world the week we just closed.

Bitcoin crash: Crypto Civil War

The crypto market was pushed into a civil war following a Bitcoin Cash software upgrade that divided market into two factions that are still digesting how to deal with one of the new coins that aim for the destruction of the others. Following the crash in major cryptocurrencies, people were asking themselves if will bitcoin rise again?

Experts considered that as a short-lived movement, but time proves them wrong. The damage is significant, and sentiment needs a change of perspective or time to heal. The question now is how low will Bitcoin go?.

After a week of war, the damage in crypto value has been done is huge. BTC/USD closed the week 32% negative, while Ethereum, the second largest cryptocurrency by market value, lost 38% since Monday, November 19, and it traded as low as $110,25, its lowest level since June 2017. Ripple fell 32%, LiteCoin 31%, Bitcoin Cash 37%, and including the previous week, BCH/USD is 66% down in just 15 days.

What’s happening to Bitcoin? US DoJ believes in manipulation

The US Department of Justice was reported to focus on coin manipulation about its Bitcoin rally investigation on Tuesday, according to a report published by Bloomberg.

US DoJ is investigating 2017 epic rally in Bitcoin price as the prosecutors believe that Tether and Bitfinex did spoofing on Bitcoin, or placing fake orders to make the price move and then eliminate those orders.

Tether is used by traders to bet on price moves for other cryptocurrencies, it works like a tradable futures asset, but it is a token that is more stable than other crypto coins.

Bitcoin Miners to pay a full energy bill in Norway

The ages of almost free electricity to Bitcoin miners in Norway will come to an end on January first as the government of Norway decided to end the discount that data centres producing cryptocurrencies have been getting in the last years.

Norway offers tax credits for companies in the power-intensive industries with a capacity of more than 0.5 megawatts. However, Bitcoin miners will have to pay regular electricity bill in Norway at a rate of $1.93 per kilowatt, a significant raise from the previous $0.05 paid for each kilowatt they used. It is a direct regulation on crypto miners.

Riot Blockchain still under investigation

Regulators are into the crypto world and Riot Blockchain is not the exception. In fact, the company revealed in its latest quarterly filing that the SEC investigation into the company that was reported initially in April is still ongoing.

The SEC is still focused on “unsettled nature of accounting treatment for the Company’s cryptocurrency mining and the fair value method selected by the Company.” However, Riot published a press release last month saying that the SEC had terminated its section 8(e) examination.

According to the press release, “the Company announced today that it has received written notification from the regulator that the SEC has terminated its examination under Section 8(e) of certain of the Company’s registration statements, which the Company had previously announced earlier this year. The previously disclosed separate SEC investigation associated with the subpoena received April 9, 2018 is still ongoing, and the Company has been cooperating with the SEC in that investigation.”

Long story short, The SEC finished an examination in a specific topic, but this type of controls could have led to another examination.

Recently Similar News

Latest Guides

Latest News

Cryptocurrency,Exchange Platforms

Cryptimi Announces Launch of Additional Platform for German Speaking Users

 At Cryptimi, we have announced the launch of our newest news platform in one of the largest languages globally, German. We are very pleased to announce the release of our world class Cryptimi platform in German! Now, all german speakers will be able to access all of the traditional media and features they would receive […]

27 October, 2020
Binance,Blockchain,CoinMarketCap,Cryptocurrency

CoinMarketCap Launches Latest Earn Campaign With Helium

CoinMarketCap, the largest online market cap aggregator, has launched their latest Learn and Earn campaign with Helium. CoinMarketCap has launched their latest iteration of their Learn and Earn program in partnership with Helium. Learn and Earn is a program launched by CoinMarketCap that allows cryptocurrency users to learn about new cryptocurrencies and earn some of […]

25 October, 2020
Binance,Bitcoin,Cryptocurrency,Exchange Platforms

You Can Now Spend BNB and BUSD With All Shopify Merchants

Shopify, the all-in-one online commerce website, now allows all of its merchants to accept Binance’s tokens BNB and BUSD via Alchemy Pay. Alchemy Pay, a worldwide cryptocurrency payment solution provider has worked with Binance and Shopify to integrate BNB and BUSD for payments to all Shopify merchants. Shopify is the worlds largest e-commerce platform with […]

23 October, 2020
Cryptocurrency,Gaming,Kraken,Trading

Users Can Now Claim and Stake FLOW Token on Kraken

Kraken, the online cryptocurrency exchange, has implemented the ability for their users to claim and stake their FLOW tokens on the Kraken platform. Kraken, one of the largest online cryptocurrency trading platforms, has implemented the option for users to claim their FLOW tokens, as well as stake them on the Kraken platform. To claim your FLOW, […]

23 October, 2020
Bitcoin,Casino,Cryptocurrency,Gambling

Bao Casino Offers a Variety of Halloween Specials

Bao Casino, the online cryptocurrency based casino, has created a variety of giveaways and programs to celebrate Holloween. Bao Casino, the online cryptocurrency gambling site and casino, is hosting a variety of Halloween themed giveaways and events to celebrate the fast approaching holiday. One of the giveaways is the Trick or Treat from Spinomenal event, […]

23 October, 2020
Bitcoin,Cryptocurrency,Ethereum,Litecoin

Bitcoin Price Continues to Rise as PayPal Integrates Cryptocurrencies

PayPal, one of the largest payment processing companies in the world, has recently decided to integrate Bitcoin. PayPal, the online payment processing company co-founded by Elon Musk, has decided to allow their users to buy and sell cryptocurrencies. PayPal will be launching their own cryptocurrency application and service. After many years of seemingly rejecting the […]

23 October, 2020
Cryptocurrency

Cryptimi Announces Launch of German Language Platform

Here at Cryptimi, we are launching our newest news site in another language, in German. At Cryptimi, we work towards providing our users with the most up to date news and the highest qualify guides and exchanges. Due to the continued growth of our platform, we are happy to announce our newest Cryptimi offering, the […]

21 October, 2020
Changelly,Cryptocurrency,Trading

Changelly Helps Users Discover Where They Can Store Polkadot (DOT) Tokens

The Changelly blog has written an article helping their users determine the best places for them to store their DOT tokens. Changelly, the online cryptocurrency exchange, has created a new blog post to help users figure out where the best place to store their Polkadot (DOT) tokens. Polkadot (DOT) was created  by one of Ethereum’s […]

19 October, 2020