Bitcoin has set a new record

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Photo: Mike Segar / Reuters

The bitcoin exchange rate on Friday, November 23, fell 7.6 percent and is now trading at 4244 dollar, reports Bloomberg.

This is the lowest level since November 2017. The market value of all cryptocurrencies tracked CoinMarketCap, dropped to 138 billion dollars. For comparison, at the peak in January it was equal to 835 billion dollars.

The main reason for the drop, experts believe the increased attempts to regulate the market. The large losses incurred by private investors and companies engaged in the development of equipment for mining, such as Nvidia Corp. From-for falling of demand for the products manufacturer lost from October half its value.

According to analysts, despite such a significant drop, bitcoin is still afloat. The bubble must burst once the rate drops below three thousand dollars. This will force the investors to withdraw their funds, and the market will start to panic. The consequences of the crisis will be limited since most of the major banks does not work with virtual currencies.

Three days earlier, the exchange rate of bitcoin fell during the day by 16 percent and set a new yearly low, dropping below 4.5 thousand dollars. According to experts, the collapse was provoked by the decision of the Commission on securities and exchange Commission (SEC) sanctions against two of cryptocurrency companies that did not register their first received the unit of currency as the securities.

At the end of 2017, the price of bitcoin grew from 8 thousand to 20 thousand dollars, but by the end of may 2018, the rate returned to around 7.5-8 thousand dollars. Then experts assumed that the value of cryptocurrency will remain at around 8-10 thousand dollars.

Video, photo All from Russia.

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