Bitcoin has had a disastrous week, falling below $8,500 today as
investors remain spooked about the future of cryptocurrencies. According
to CoinDesk, Bitcoin opened at $9,052 today and hit a low of $7,695. At
the time of writing, it had recovered slightly and was trading at
$8,403, its lowest price since late November. Bitcoin is extremely
volatile and has been declining for the past month.
Other cryptocurrencies including Ethereum, Ripple, and Litecoin have
all plunged between 20 to 30 percent each, according to CoinMarketCap.
It’s been a jarring turnaround for cryptocurrencies considering Bitcoin
touched an all-time high of $19,783 on December 17th. Bitcoin had a
stellar year in 2017, after starting at around $800 in January.
Investors bought into the hype, pushing the price up to astronomical
levels, with some reportedly even taking out mortgages or betting their
entire life savings to invest.