Did you buy any Bitcoin in the last few months? Yeah? Well you might want to stop reading then, because it’s bad news.
From 16 January, the entire cryptocurrency market has fallen by double-digit percentages.
The price of Bitcoin fell by 15 percent to under $10,000 for the first time since December 4. Ethereum, meanwhile, fell by over 20 percent to under $800, and Litecoin is down to under $150 at the time of writing.
The price drop is having a huge impact. According to Coinmarketcap.com, only one of the top 100 highest valued cryptocurrencies isn’t in the red over the past 24 hours. Tether.
That’s quite a plummet Bitcoin has had from its previous record of almost $20,000 last month.
It's crazy how one video could have caused this crash. The video that caused this was posted on the main Bitcoin subreddit yesterday and it send a shock wave through the bitcoin community: https://t.co/yqnd0a7rpS
— UFO Today (@CryptoKong) January 16, 2018
What a bloody day in crypto-currency! Look on the bright side though: LTC is the best performing coin in the top 20. 😄 pic.twitter.com/fwYFGB5ROf
— Charlie Lee [LTC] (@SatoshiLite) January 16, 2018
The crypto market suffered big losses just before Christmas in 2017, although most valuations had recovered since. That’s what people mean when they say cryptocurrency is volatile. Some financial market watchers predicted prices could jump this week as Wall Street bankers collect their bonuses.
Instead, they’ve dropped. But that’s not bad news for those of you who have straddled the lines of uncertainty over Bitcoin investment. This might be one of those times to start investing, as the cryptocurrency market isn’t finished. Not by a long shot.