(BTC) over the past two weeks, the price has fallen and 17 percent of its value has been erased. However, a bitcoin analyst thinks that the current collapse is an important factor and that Krypto jeopardises the future of money.
Martin Weiss: “every time Bitcoin (BTC) proved that he was not dead.”
In November, the price fell to $ 3.640. Bitcoin, the lowest since September, rose Wednesday (November 28th) to$4.385. Now the crypto money has fallen below $ 4,000. Martin Weiss, founder of Weiss Ratings, says the crypto money that faced turbulence is nothing new. Weiss says::
Since bitcoin started actively trading, it has dropped by 70 percent or more in four separate cases. Every time people wrote the obituary, and every time Bitcoin proved not to be dead, the price rose from low to high on average 6.300 percent. Now, bitcoin again showed a drop of over 70 percent and was the scene of a huge price increase that would begin in 2019.
effect of the main flow of bitcoin
Can he replace Bitcoin with other crypto coins?
However, Weiss believes this month is different than the others. Weiss says::
This time, there is an important difference: Bitcoin (BTC), crypto was unable to keep up with the latest developments related to distributed notebook technology (DLT), which lies under the money. Bitcoin will continue to play an important role, but mainly as a product store of the same value as gold. Instead, a distinguished group of faster, more scalable crypto currencies will guide both price and innovation.
Tone Vays: “Bitcoin is actually revolutionary.”
Krypto increases hacking events in money prices
The leader Krypto spent a period of stability and provided a price of $ 6,381 before a downward spiral fell quickly on Wednesday, November 14th. Some analysts link the decline to Bitcoin Cash “hard forkuna”. A hard fork occurs when miners and developers do not participate in software updates that manage a digital token. This divides the money into crypto to create a second digital currency during the transaction.
The price drop in November caused some commentators to question whether the cyber security threat would increase as Bitcoin owners and other crypto currencies became more vulnerable to hackers. Paolo Passeri, a Global Solution Architect at Netskope, believes that the collapse in crypto money prices is responsible for a recent rise in hacking events.
Jeff Sprecher: “Bitcoin (BTC) lives in the swamp and survives.”
“The new catalyst, the decline in crypto currency prices.”
The catalyst, which directs cybercriminals to find new types of attacks, declines in the price of the crypto currency. This has made crypto mining a much less convenient tool for making money because of the power costs involved. While price volatility continues, hackers are targeting victims who use the latest price bubble without spending too much resources to achieve their goals.
Passeri’s comments were also voiced Sunday night by economist Dr Saifedean Ammous, who warned of the dangers of cyber crime attacks.