Vote 2020 graphic
Everything you need to know about and expect during
the most important election of our lifetimes

Bitcoin Falls Below $10,000

Image: AP
Image: AP

Following a meteoric rise to just shy of $20,000 per coin less than two months ago, Bitcoin, the oldest and most valuable cryptocurrency, fell below $10,000 on both the Coinbase and Bittrex exchanges for the first time since early December. It’s far from the only digital token plummeting.

Advertisement

Nearly every cryptocurrency is down, most by double digit percents, according to Coin Market Cap. The crash seems driven by fear of looming regulations from Germany, stricter laws in South Korea, and an increasing involvement by the SEC. Reddit community r/CryptoCurrency is directing US-based community members to the Suicide Hotline while panic ensues.

Researchers also found earlier this month that Bitcoin’s $850 increase in price during the Mt. Gox days was likely driven by a single individual. With tons of venture capitalists entering the field, those price swings have grown more drastic—and those wealthy investors are unlikely to be the ones taking a hit today.

Advertisement

Bittrex lists Bitcoin’s 24-hour low at $9,450 while Coinbase shows $9,969.01 around 5:33pm ET. On both exchanges, Bitcoin is now hovering just above those figures. Coinbase has previously shown a willingness to halt trading during slumps. It remains to be seen if speculators will be frozen out this time around.

Senior reporter. Tech + labor /// bgmwrites@gmail.com Keybase: keybase.io/bryangm Securedrop: http://gmg7jl25ony5g7ws.onion/

Share This Story

Get our newsletter

DISCUSSION

flyfunner5
flyfunner5

The question becomes, is now the time to enter the market, or to sell before further crashes?