Marcus Lim, CEO of cryptocurrency exchange platform Zipmex, says the volatility seen in the last 12 months in the cryptocurrency market, specifically bitcoin, is driven by a number of factors.
It has been a blockbuster year for bitcoin. Despite the recent crash, the digital asset broke multiple records in prices this year, starting from breaking its key resistance level of US$60,000 ($81,900) at mid-March.
After a slump, bitcoin prices climbed again to US$66,00 apiece on Oct 21, eventually reaching an all-time high of US$67,145 on Nov 9. While prices have since then dropped to below US$50,000 (as at Dec 6), players are still bullish amid continued criticism from market observers.
