The crypto world has been through a very disastrous ride this month. Last month, we saw bitcoin loom around the in the range of $6,000. For quite some time, the asset showed much-improved stability and volatility. As a result of that behavior, the trust among the general public regarding this asset increased.
But as soon as things were looking good for the asset, it took down the path of destruction. After remaining relatively stable in the month of October, bitcoin showed major drops in the month of November with the whole crypto market coming crashing down.
At the time of writing, bitcoin is looming around the price range of $3,912 (as per www.coinmarketcap.com). This drop from the $6K range to $4K has had the whole crypto twitter in a frenzy. Many people have lost a large amount of money owing to this scene. Now, what might be the reason behind this drop? Some suggest that it is the result of the capitulation. Some also suggest that the whales might be trying to do accumulation in the hindsight of all this.
The war between crypto proponents and opponents heated up on Twitter after this drop. The opponents of cryptos stepped out to remind everyone that the entire crypto world is just a tide that will settle down with time eventually. On the other hand, the proponents of bitcoin are telling people to stay calm in all this chaos.
BlockPublisher got in touch with the founder of Elevated District Media, who goes by the alias of “Nye The Crypto Guy” on Twitter, to inquire him about the message that he would want to send out to the crypto world in this current scenario with bitcoin floating around the $4K mark. Talking about the message that he wanted to spread out, Nye only just said one word:
This kind of volatility shown by the crypto market is not new. In the past, we have seen the asset go through extreme ups and downs. Last year in December, the asset almost touched the $20,000 mark before stumbling down again this year. Volatility is also one of the reasons why an exchange-traded fund (ETF) has not been approved by the regulatory body in charge, the United States Securities and Exchange Commission (SEC). If this world is to gain more adoption and acceptance, the issue of extreme volatility needs to be solved as soon as possible.