2 Months of down fall in cryptocurrency and countinue?

why is bit coins price down:

Crypto investors are seeing red this week. Bitcoin plunged to two- month lows on Thursday. dipping below $9,000 for the first time since November. At the time of writing, Bitcoin had bounced back up to the $9,200 level, down from weekly highs just above $12,000. This week has seen coins across the board in the red- a sign that investor are jumping ship to flat currency this time instead of swapping into altcoins as we've seen in the recent past.  

At the time of writing, the total cryptocurrency market cap weighed in at $459 billion, down from January highs around $830 billion . it's a contraction to be sure, but not a low for the last 30 days 



is this the bitter end for Bitcoin? for cryptos? well, no, probably not. Get your head screwed on right and you'll see that many coins have seen unprecendented growth in the last six month to a year, even with Bitcoin's price halved from holiday highs closer to $20,000. On this day last year, Bitcoin's price halved from holiday highs closer to $20,000. on this day last year, Bitcoin was sitting pretty at $982. At the height of december's craze, most reasonable crypto-watchers could agree that the price was overheated and there was only one way for it to go in the short term. still, in the thick of the current correction, Bitcoin's longer-term growth is anyone's guess.


Cryptocurrency die-hards expecting the price to bounce back, even partially, will see these tanking number as the perfect entry point for getting in low and maximizing gains. Late speculators  who got in during the mass crypto hysteria of the hoilday season aren't likely to have such steady hands, a factor that's likely contributing to the slide. .


so what's causing the slide to begin with? As usual, no one thing can be blamed for Bitcoin's current downturn, but recent skittishness around a subpoena for Bitfinex and concern around Tether __ a kind of  cryptocurrency Recent news that Facebook would ban ads for IOCs probably didn't  help either And it seems like every day a new Ponzi Scheme gets busted throwing yet more doubt on the credibility of plenty of less than legit ICOs Ever beyond news cycle highs and lows, Bitcoin has seen a few mid-January dips before,though 2017's Bitcoin behavior has seen a few mid-January dips before, though 2017's Bitcoin behavior certainly broke from any seasonal pattern of the past.


Still, these growing pains are far from surprising.As cryptocurrencies nature
assuming they continue to do so ___regulatory "bad"  news will become more common. countries across the globe will continue to struggle to accommodate their citizens' sudden interest in digital currencies. In some countries, as is the case of india, that's shaping up to be a crackdown on illegitimate activity that might also affect legitimate transactions.

Unsurprisingly, headline like these inspire a sense of foreboding among cryptocurrency enthusiast wondering which country will be next to come down hard. Fear, perhaps justified fear for many speculators with plenty to lose, amplifies each new regulatory revelation.But for cryptocurrencyies to grow out of the current scam-laden chaotic era, a thorough house cleaning is healthy.

 Bitcoin and other cryptocurrencies have also looked less responsive to positive news in the latter half of january compared to their relative buoyancy during December's dizzying highs. Then, every little positive news blip seemed to push the prices higher.  

Bitcoin aside, some altcoins might just be adjusting from overheated, overhyped December highs, Ripple is a good example of this, hovering around $1 thursday, a price that's five times its November value and only looks bad after XRP flew a bit too close to the sun with  sudden early January highs above $3. Ethereum is also faring pretty well, all things considered, down from all-time highs above $1,400 but holding most of its newly built value after doubling in price from December prices  around $500.


it'll be interesting to see what happens as we move into next week's senate banking Committee hearing on Cryptocurrency. Titled "virtual currencies: The overnight Role of the U.S, securities and Exchange commission and the U.S. commodity Future Trading commission," the open hearing will air on February 6 at 10:00 Eastern time. it's possible that upcoming discussion in congress has traders nervous, but ultimately variables from all over the globe combine to affect the market every day.