Bitcoin: Down, Down it Goes, Continues to Make Cryptocurrency Investors Paranoid with Non-Stop Losses
Digital currency markets face another bad news with what looks like a neverending drop in the prices of the wold’s most popular cryptocurrency, with all top 20 eletronic money by market cap deeply in the red zone, with Bitcoin (BTC) trading under the $4,000 mark.
The virtual money markets are witnessing a massive loss of at least 10-20 percent. Stellar (XLM) has been battered the most, falling more than 20 percent, and trading at $0.14 as of this writing, based on an update by CoinMarketCap.
Prices of Bitcoin (BTC) could end up anywhere between $100 $1million by the end of 2018, according to a financial guru keeping his ground for one last bull run this Yuletide season.
Down, down it goes
A gut-wrenching drop in the Bitcoin value looks to have killed optimism for the digital money to become a globally accepted type of investment. From a December 2017 peak of $19,700, Bitcoin has traded at $4,300 as of Friday—a loss of 78 pct.
Those who opened Bitcoin trading accounts in the last 12 months are now underwater. And a good number of investors are mum on their Bitcoin ambitions. The first series of coin offerings that were seen as the most promising venture-capital investments last year have fizzled out, as well.
At the time of this report, Bitcoin was hovering around $3,900, a roughly 40 percent decline from two weeks earlier. The result is the worst price decline since April 2013, bringing to fore old worries with regards the stability of Bitcoin as an investment vehicle.
In the last seven days, bitcoin has now shed over 35 percent of its value, based on a latest update by CoinDesk. This highlights its massive one-week loss since April 2013, when it retreated over 44 percent.