Bitcoin price may down to $ 7800

Baku. 25 December. REPORT.AZ/ The price of Bitcoin crypto-currency last week decreased from the highest level of $ 20,089 by 40% to $ 11,883.

Report informs, one of the reasons of decline is related with investor’s willing to fix the bitcoin profits, value of which went up by 20-fold a year.

Analysts believe that devaluation of bitcoin was also caused by Segwit2x hard fork on November 8. Before hard fork the bitcoin worth $ 7,800. The SegWit2x fork would have seen the block chain size increase from 1 MB. Therefore, the high demand in bitcoin in early year does not correspond it to block chain size. Bitcoin that process 3-5 transactions per second started to freeze as demand grew. In other words, calling off SegWit2x hard fork did not solve the expanding problem of bitcoin. For this reason, analysts did not rule out probability that bitcoin will go down to $ 7,800 level.

In addition, another reason of devaluation was related with increase of pressure of the US government on crypto-currency stock exchanges. Thus, the major US crypto-currency stock exchanges recently started to request different documents from customers. As an example Hong Kong-based Bitfinex bitcoin exchange ceased to cooperate with US citizens.