Last night was a real shit storm for Bitcoin, where it plummeted 33% in one of the biggest drops in recent weeks. The drop has left many novice traders worried and ready to pull out now.
From Ars Technica:
After rocketing to a high above $19,500 last Sunday, bitcoin's price has been steadily dropping this week. Those losses accelerated overnight, with the cryptocurrency falling below $13,000.
Bitcoin's losses come amid a broad cryptocurrency selloff. As of Friday morning, every major cryptocurrency was posting double-digit 24-hour losses. Ethereum is down 28 percent over the last 24 hours, Bitcoin Cash is down 37 percent, and Litecoin is down 32 percent.
To be fair, all of these currencies—like bitcoin—have seen massive gains in recent weeks. They're all well above their value at the start of December, to say nothing of values earlier in the year.Just a few hours ago, the price of Bitcoin actually dropped briefly to around $11,000 which prompted Coinbase, one of the nation's top crypto currency market places, to temporarily stop trading.
Coinbase, one of the biggest bitcoin marketplaces in the U.S., said Friday that trading was temporarily disabled amid a price rout in cryptocurrencies.
"Investigating - All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience," Coinbase said on its status website at 11:11 a.m., ET.
The company added in a subsequent statement that "due to today's high traffic, buys and sells may be temporarily offline. We're working on restoring full availability as soon as possible."Despite this huge drop, many experts are saying that this is actually not the bursting of the bubble, that many people think.
Bitcoin pioneer, Charlie Shrem tweeted:
“There is nothing new under the sun” - Same thing happens every year (https://t.co/qaNwMLJH3k) pic.twitter.com/sJQqGLb2wp— Charlie Shrem (@CharlieShrem) December 22, 2017
Critical Care physician, and apparent Bitcoin investor Robert Reid tweeted:
Bitcoin has "crashed" 30% SIX TIMES in 2017. Each "crash" has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. Bitcoin takes 7 steps forward, 2 steps back, 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of #bitcoin. Relax! pic.twitter.com/bV5ZFeucTp— Robert Reid (@robertreidmd) December 22, 2017
Finally, Max Keiser of The Keiser Report tweeted:
I'm no expert myself, but I have heard lots of experts say that they expect Bitcoin to hit at least $100,000 in the long run. Investing is not a get rich quick sprint, it's a slow and steady marathon. We know that prices can reach upwards of $20,000 at the very least, so buying when they are down at around $12,000 doesn't seem like a bad move at all in my opinion.
What do you think? Let us know in the comments!