Bitcoin Value Crashed By $2,000 in A Few Hours, Right After It Hit Its Highest Ever Mark
The cryptocurrency remains unpredictable, and analysts are still skeptical to accept it thanks to the non-standardized format.
After months of rapidly increasing in value, Bitcoins have suddenly dropped a major amount with absolutely no warning.
The cryptocurrency lost a major chunk of its value in just a few hours Wednesday, leaving investors bewildered.
Bitcoin value dropped more than $2,000, one of the sharpest declines for the cryptocurrency, and this just a day after it hit a record-breaking high of $11,000. Luckily, it¡¯s since somewhat stabilised and is holding firm at just below $9,800 at the time of writing.
Despite this massive drop, Bitcoin is still worth almost $2,000 more than it was last week. However, that only serves to validate analysts¡¯ claims; that Bitcoin is far too volatile a currency to rely on, and that its rising value is a dream bubble that will inevitably pop.
¡°The market cap of Bitcoin now exceeds that of IBM, Disney, or even McDonald¡¯s,¡± senior market analyst at ETX Capital, Neil Wilson, told The Guardian. ¡°But for traditionalists, it¡¯s hard to fathom. Rather than a commodity or currency, Bitcoin is like owning stock in a company that will only ever issue 21 million shares and never pay a penny in dividends.¡±
¡°The only way it has value is if the next guy is willing to pay you more for it ¨C the greater fool.¡±
