Author Topic: Bitcoin drops  (Read 303 times)

Offline Fujitsu

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Bitcoin drops
« on: December 22, 2017, 08:16:19 am »
If you were excited that Bitcoin had climbed all the way to $20,000 USD at the beginning of the week, you probably aren't super excited that it's dropped below $14,000 USD already. In the ever volatile Bitcoin market, this seems to be par for the course. The ups and downs I guess is what makes the ride thrilling, however, if you'd dropped $20,000 to get in on the Bitcoin craze to see it drop $6,000 in a matter or a day or two you might not be so enthusiastic about the whole craze. Fortune has more on the latest drop.

   The cryptocurrency, which was at about $1,000 at the year’s start, had surged to a record high of $19,666 on Sunday in the lead up to exchange giant CME Group’s launch of its bitcoin futures. It has since lost about a third of its value.   “Keep in mind that bitcoin has gone up a lot this year, so a correction is always likely,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney.   Bitcoin‘s success brought cryptocurrencies to the forefront and has also boosted the profile of its rivals, which offer alternatives to bitcoin.   “A lot of the capital is flowing from bitcoin into alternative coins. You’ve seen companies like Verge and Ripple, which are over 400% in the last week,” Chanel at ASR Wealth Advisers said.

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