Bitcoin Plunges To One Month Low By Dropping Another 25%March 9, 2018 9:39 pm
After another shaky week, Bitcoin investors had their hopes dashed again on Friday when the cryptocurrency dropped to a one month low of almost $8,371, according to Money Magazine.
The cryptocurrency was able to rebound to $9,057 according to CoinDesk’s Bitcoin tracker as of 3:00 p.m. CT, but that was still a large loss from last week’s high of $11,650.
Bitcoin is down more than 50% compared to the all-time high of nearly $20,000 reached in December, but the volatility of the market has caught up the crypto-market.
Almost all cryptocurrencies have been on a rollercoaster ride during early 2018, such as one month ago when the stock market had a massive selloff, Bitcoin fell underneath $6,000, down more than 70% of its all-time high.
Other cryptocurrencies including Ethereum, Ripple, and Litecoin also fell more than 25% in a single day.
It’s a difficult process to explain why cryptocurrency markets rise and fall but Nobel Prize-winning Yale economist Robert Shiller said that Bitcoin “has no value at all unless there is some common consensus that it has value.”
Shiller also said the cryptocurrency market “might totally collapse and be forgotten.”
Some investors are also fearing the looming threat of regulatory crackdowns, including from the IRS targeting crypto-traders that may owe large amounts of taxes on their profits and new regulations that were announced this week from the Securities and Exchange Commission.
After that regulation change was made public, the value of Bitcoin fell around 10% in 24-hours this week when the SEC said it would now require digital asset exchanges to register with the financial regulators.
–WN.com, Maureen Foody