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Talks of regulation are having a massive impact on the market the past couple of days with ethereum plummeting to a low of $797.22 at the time of this writing. That’s over a 30% drop since the fiasco started. Bitcoin is sitting at an all time low of $9,550.72.
As these coins drop, so the the prices of many of our favorite ethereum forks such as ELLA and PIRL. PIRL is currently sitting at around $2 and ELLA broke below the $2 mark currently at around $1.47.
With many executives crying out that cyrptocurrency is a scam, like Wells Fargo chairman and CEO Dick Kovacevich. It remains to be seen if this crash will continue. It’s obvious Mr. Kovacevich has no understanding of cryptocurrency.
Bitcoin has a yearly trend of dipping in early Q1
As the panic still ensues from talks of regulation, we need to take a step back and look at the yearly patterns of bitcoin.
A tweet from a user who goes by Armin Van Bitcoin shows us an intriguing comparison that might just shed light to the current bitcoin panic.
— Armin van Bitcoin (@ArminVanBitcoin) January 16, 2018
As you see highlighted in the above graph, around the same time every year we see a dip in the coin’s price. Armin suggests we stick out the panic by joining the #HODLGANG (A hilarious post on bitcointalk’s forum which you can see here. Later recreated as a parody song from GucciGang).
My personal thought’s on the matter is this would be a good time to pick up some bitcoin before the price sky rockets again as it has every year.
To take a look at why there is panic in regard to regulation, South Korea houses some of the largest exchanges and their talk of regulating exchange has been met with resistance. It is speculated in China that authorities could enact tougher regulations on the local traders.
Many cryptocurrency analysts still believe that bitcoin could still reach a peak of over $20,000, higher than it’s 2017 peak. Also stating the worth of bitcoin could be 100 times what it is today.