KitGuru KitGuru.net – Tech News | Hardware News | Hardware Reviews | IOS | Mobile | Gaming | Graphics Cards
Bitcoin had a huge boom throughout 2017, creeping up above the $1000 mark in January last year and hitting as high as $20,000 in December. However, it looks like the last couple of weeks have seen a change, with Bitcoin dropping below the $10,000 mark today, a 50 percent drop following its peak just a month ago.
According to CoinDesk, Bitcoin opened trading at $11,348 in value today but has dropped down to $9,702. This has had a knock-on effect to other cryptocurrencies, with Ethereum Bitcoin Cash, Litecoin and Iota all seeing drops too.
Bitcoin has seen its share of peaks and troughs over the years but dipping from $20,000 to less than $10,000 in a matter of weeks was certainly unexpected. This all comes as more countries have begun proposing stricter rules on cryptocurrencies. Late last year, the UK and EU announced plans to introduce legislation, meanwhile South Korea has recently proposed tighter rules too.
Beyond that, Bitcoin has seen its share of bad press, with some claiming it to be a vehicle for money laundering and illicit activities. It seems that this has all piled on, pushing the overall value down by a large margin.
KitGuru Says: It looks like a lot of people have been dumping their Bitcoin over the last few weeks, leading to the 50 percent drop we have seen this month. Whether or not Bitcoin will bounce back to its peak levels remains to be seen.
“dipping from $20,000 to less than $10,000 in a matter of weeks was certainly unexpected”
….No it wasn’t. Every economist and his dog was yelling from the rooftops that it was a bubble and when it bursts, the value will crash. Guess what? Turns out the millionaires and billionaires who’ve spent their life working in trading and finance were right….
Here’s the thing, it isn’t like this hasn’t happened before; the first big spike took Bitcoin from $1 to $31 and dropped down to $2– which the latter is a key point: Value didn’t drop below the previous lowest stable.
Bitcoin was never going to climb sustained or drop to last year’s numbers or lower, I don’t see the surprise or worry over this, unless one doesn’t do their homework.
Even with ASIC miners, for Bitcoin to not be worth mining, revenue would have to match power costs, or less than $5000 per coin depending on where you live.
The ridiculous thing is that the value of Bitcoin is self-serving. It is worth money because of the perception it is worth money. It isn’t tied to any market or performance, just hype and cynicism.
Hey Guywhobuyhighandselllow please go drop your shit somewhere else
#foundthegreaterfool #economicsfordummies
You act like you know why crypto crashed, but in reality you don’t, do some research before making yourself look like a fool
You act like crypto has reasons for it’s growth and decline, other than people jumping on the bandwagon and then getting spooked by South Korea. Bitcoin has no inherent value other than it’s worth being what people perceive it to be. If Trump was to make a currency, it’d be Bitcoin, as it’s based on nothing more than bluster and bullshit.