Bitcoin Crashes To Below $10,000 Amid Exchange Uncertainty Nearly Halving Its Recent Highs
Hey cryptocurrency investors, are we having fun yet? Indeed, it was all smiles and laughter when Bitcoin, the most popular digital coin out there, skyrocketed in value and topped $17,000 just last week. But like every thrill ride, it is the inevitable steep downward slopes that incite both panic and excitement. And so it goes with Bitcoin, which continues barreling down in value and today dipped below $10,000.
Live look at cryptocurrency investors and miners
So far today, Bitcoin's low is $9,199.59. On the week, Bitcoin's has lost nearly a third of its value, hitting its lowest level since November of last year. These types of swings are not uncommon for Bitcoin, and those who believe in the cryptocurrency's long-term resiliency will point out that this time last year Bitcoin was trading for less than $900. The big unknown, however, is whether the recent wild uptick in value is a blip that is currently being corrected in the market, or if Bitcoin still has new heights to reach.
"Volatility is quite common in the cryptocurrency world," Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro, told CNN Money.
He's right, of course. And as for the recent nosedive, cryptocurrency investors seem to be reacting to news that South Korea may issue a ban on digital coin trading. On top of that, Chinese officials are also stepping up efforts to limit cryptocurrency trading, after having already issued a ban on exchanges. It's a one-two gut punch that underscores just how volatile this crazy cryptocurrency market is.
Another leading digital coin, Ethereum, also continues to drop in value. It dropped 25 percent today, hitting a low of $780 and change. It was trading at over $1,300 just a few days ago. That said, like Bitcoin, it is still way up in value compared to this time a year ago when Ethereum was valued at $8.
So, it begs repeating—are we having fun yet?
Live look at cryptocurrency investors and miners
So far today, Bitcoin's low is $9,199.59. On the week, Bitcoin's has lost nearly a third of its value, hitting its lowest level since November of last year. These types of swings are not uncommon for Bitcoin, and those who believe in the cryptocurrency's long-term resiliency will point out that this time last year Bitcoin was trading for less than $900. The big unknown, however, is whether the recent wild uptick in value is a blip that is currently being corrected in the market, or if Bitcoin still has new heights to reach.
"Volatility is quite common in the cryptocurrency world," Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro, told CNN Money.
He's right, of course. And as for the recent nosedive, cryptocurrency investors seem to be reacting to news that South Korea may issue a ban on digital coin trading. On top of that, Chinese officials are also stepping up efforts to limit cryptocurrency trading, after having already issued a ban on exchanges. It's a one-two gut punch that underscores just how volatile this crazy cryptocurrency market is.
Another leading digital coin, Ethereum, also continues to drop in value. It dropped 25 percent today, hitting a low of $780 and change. It was trading at over $1,300 just a few days ago. That said, like Bitcoin, it is still way up in value compared to this time a year ago when Ethereum was valued at $8.
So, it begs repeating—are we having fun yet?
