The cryptocurrency news over the past two days focuses on reds – where the Bitcoin price is still dropping and is right now at $3,871. Even though Bitcoin managed to slid to $3,678, the price has now corrected but no one knows whether this is permanent or only for the day.
Other major cryptocurrencies such as Ethereum (ETH) and Stellar (XLM) have declined by even more. The price of Ethereum, for example, dropped from $112 to the current $103 while Stellar managed to slid from $0.15 to $0.13 by over 13%.
The market lost billions and is now coming closer to the $120 billion mark, while many analysts expect Bitcoin to continue with this downward trend and potentially drop to $3,000. In the past 12 hours alone, the market lost more than $4 billion of its valuation as tokens lost on average around 10% to 20% of their value against the US dollar.
On November 25th, the price of Bitcoin (BTC) managed to plunge to its yearly low of $3,456 as many bears began to fuel one of the strongest sell-offs this year. Based on the intensity of the downtrend of BTC over the past two weeks, a drop to a new yearly low in the $3,000 region may be unavoidable, especially if the volume of BTC is considered.
Currently, the conditions of BTC remain oversold at $3,800 and in the short-term, the crypto market could experience a minor recovery from its low price range.
Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin
“You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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Venture Capital Firm Owner Announced That He Will No Longer Invest In Crypto Projects
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”There might be a few reasons why Li decided to move away from the crypto sector mostly because of the crackdown on ICOs by the Chinese government and also because of the rise in scams in the crypto space. A Chinese national TV released a documentary about the technology claiming that blockchain has the potential to surpass the success of the Internet. However, just after the release of the documentary, the government of China tightened the ban saying that ICOs are considered as illegal fundraising tools. The government stated:
“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes and fraud. The main features are as follows:
Risk of illegal activities, unregulated overseas markets and inability to track or monitor transactions made in ICOs.
Illegal operations like profit-generating pyramid schemes and creating Ponzi schemes by describing them as ‘financial innovations.’’
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