So, what happened to crypto in November 2019? Well, if you’re not completely new to the crypto market, you surely know that dramatic price movements is not a rarity. On the contrary, it happens from time to time that Bitcoin’s price goes up or down fast. And when that happens to Bitcoin, most altcoins show the same price movements. These price movements are usually an exaggerated reaction by the market on different news, that the market feels somehow indicates that Bitcoin (and other cryptos) moves a step closer to, or a step further away from, mass adoption.
There are many was in which mass adoption of blockchain technology currencies occurs. One of the first steps was the first transaction (the Bitcoin Pizzas), where Laszlo Hanyecz bought 2 Domino’s Pizzas for 10,000 BTC. The gambling industry is also an early adopter of cryptocurrency. For instance, Betmatch is a company that has established themselves as the first blockchain technology bookmaker in the world (that company is now offering 200% deposit bonus for the first 3 deposits).
But what happened to crypto in November 2019?
On 1 November 2019, Bitcoin’s price was USD 9,144.31. On the date of writing this article (25 November 2019), Bitcoin’s price is currently USD 6.769.33. The price has gradually decreased over the course of this month but there are two dates that really stick out from the rest: 22 November 2019 and today, 25 November 2019. What happened these dates?
22 November 2019
Well, on 22 November 2019, the bad news for Bitcoin was that The Peoples Bank of China (PBOC) said that it would “dispose of” virtual currency business activities in China.
Then, news broke that authorities in China had shut down Bithumb’s and Binance’s respective offices in Shanghai. The crypto industry publication The Block wrote the article that people seemed to pay the most attention to, available here.
However, Binance’s CEO quickly announced some quite interesting information, namely that Binance doesn’t even have offices in Shanghai. Also, he claimed that this was only FUD. He also said that he knew about a few exchanges in China who had teams of FUDsters constantly working on discrediting Binance.
One day later, on 23 November 2019, CZ (Binance’s CEO) announced that he will sue the Block for publishing the false information.
On 22 November 2019, Bitcoin dropped roughly 6% (after a strong recovery from being down almost 9%).
25 November 2019
There is not yet any obvious answer to why the crypto markets went down on 25 November. The explanation that currently makes the most sense is that it fell down under USD 7,000, and that this level was some form of psychological barrier for certain crypto investor and that when the price dropped below this barrier, it caused mass sales. BTC is, at the time of writing this article, down 6.94%.
We’ll hope we have partly answered the question what happened to crypto in November 2019 (at least so far), and we just have to wait and see if the markets recover this last week of November. But one thing’s for sure, when prices move in the crypto industry (up or down), they move fast.