Tech

Bitcoin: Why is the largest cryptocurrency crashing?

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Posted: 15/06/22 - 12:49
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The first rule of writing about Bitcoin is: don't write about Bitcoin.

The story of the world's best known cryptocurrency is astonishingly fast-moving and its fans will soon line up to tell you you've got it all wrong.

But write about it we must, because the past 24 hours have been catastrophic for the grande dame of cryptocurrency - even by Bitcoin standards.

I'm going to concentrate on Bitcoin here - but if you're a crypto follower, you'll know the whole market is troubled, to put it mildly.

As I write this, Bitcoin is trading at $21, 974 (£18,000). It's fallen 25% in the past five days alone, to its lowest value in 18 months. Its peak of almost $70,000, in November, feels a lifetime ago.

I Call True: Everybody seems to be flushing their coins rather than holding on to them so the market is in freefall, those that hold their nerve will either lose it all or make a fortune.

Time will tell

Milka
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3 Comments
15 days
1 upvotes
Certainly a bear market in everything at the moment no matter what you are invested in. But this mega dip in CC certainly makes it easier for large institutions to get a good entry point for themselves.........
15 days
3 upvotes
Once again highlighting the perils of cryptocurrency.
17 days
2 upvotes
A lot of people have lost a lot of money and it looks like it is going to continue, especially with the cost of 'mining' going through the roof as well