Bitcoin’s Downturn: Bitcoin falls over 7 percent
Bitcoin falls down almost 7% on Friday. This has marked the lowest it has been in a year in full-scale liquidation of cryptocurrencies.
It is the strongest and the most renowned bitcoin cryptocurrency. In September 2017, it dropped to $3474.73 and this year, it has fallen to $3920.35 and is expected to go even lower by Sunday, December 2. In December 2017, it was around $20,000 and has decreased dramatically since then.
It’s a good news for those who were planning to buy it but decided not to. Ric Edelman, founder executive chairman of Edelman Financial Services says, “Now might be the best time to get in.” However, he also mentioned that it is a risky initiative. Bitcoin investors must keep in might that they could lose all the money that they invested. The U.S. Justice Department is probing if last year’s revival in Bitcoin value was just to deceive the market.
So if someone invested $1000 in bitcoin, its value would have been $4290 in 2017 but only $380 in 2018.
Furthermore, other cryptocurrencies have also suffered. For instance, Ethereum’s ether and Ripple’s XRP. All these currencies have been severely lacerated in the past few weeks. Experts seem to believe it has happened due to raised inspections by the U.S. As a result, the launch of bitcoin futures by Bakkt in January 2019 has also been postponed.