Bitcoin prices fall to 73 million IDR, the lowest since 2017

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Bitcoin prices fall to 73 million IDR, the lowest since 2017

Bitcoin prices fall to 73 million IDR, the lowest since 2017

The value of bitcoin fell below the USD 5,000 mark, which is about 73.1 million Rp on Monday (11/19). According to the information provided by AFP, the fall in prices is due to massive sales in the money market of cryptocurrencies. The decline in bitcoin prices is the lowest since October 2017.

The data collected by the digital exchange organization Coinbase show that the most popular virtual currencies in the world have lost 12.5% ​​of their value since Friday evening (16/11).

This decline also affected other negotiated cryptographic currencies, such as the Ethereum and the ripples.

Bitcoin trading was opened Wednesday (14/11) at a price of 6.3 thousand dollars, about 92.8 million rupees. one year.

The new sector is not yet fully transparent and analysts are trying to understand the factors behind this significant price decline. At least some of them are involved in battles to control smaller cryptographic operators called bitcoin cash.

Analysts had expected years ago that cryptographic commerce would be too risky and unregulated. However, this investment is considered a safe investment for the community at large. Bitcoin experienced a year of painful decline from its record high of US $ 19.50 or the equivalent of Rp 285.4 million in December 2017.

Some foreign exchange issues have been linked to the business model. Bitcoin is created through a process called "mining" of computers.

This exploitation essentially involves the use of interconnected bank processors to solve complex mathematical problems.

Calculations are increasingly difficult to solve for more bitcoins on the market. The electricity costs involved increase accordingly.

According to market estimates made last month, a bitcoin would cost $ 7,000, or Rs. 102.4 million.
This means that current market players are creating new parts with losses. The traders were hoping to get a boost thanks to the US Securities and Exchange Commission (SEC) agreement on exchange-traded funds on the bitcoin exchange (ETF).
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