Bitcoin Crash: Bitcoin swings from $8,000 to $3,637 in just 5 days. Is this the end of Bitcoin?
Bitcoin investors have more to worry about beyond the ongoing coronavirus. The world’s most popular crypto currency went from a little over $8,000 to $4,290. This morning, Bitcoin price drops to $3,637 before it later rebounds above $5,200 within minutes. Bitcoin is not going down quietly, its also dragging down other cryptocurrencies with it.
Some people are saying the price drop is due to uncertainty in the world financial system caused by the coronavirus outbreak that has killed over 4,000 people and infected more than 100,000 people worldwide. However, Bitcoin volatility is not new. Just last year, Bitcoin was trading a little over $12,000. Before the dust settles this week, no one should be surprised to see Bitcoin in $3,000 price range.
So what might be the cause of the big price swing? Nobody knows for sure. There a lot of uncertainties with cryptocurrency. Many articles have been written that Bitcoin is controlled by a few people who got into the game in the early days of the currency. Whatever the case maybe, one thing is certain–Bitcoin volatility will continue. Bitcoin investment speculative to say the least and comes with many risks. At this point, the risk does not seem to outweigh the rewards unless you are one of those people who bought Bitcoin when it was selling for pennies.
The current situation got so bad that TechCrunch Michael Arrington weighed in on Twitter saying: “I’m not going to sugar coat it. The last several hours in crypto were absolutely terrifying. And I’ve seen some shit.”
I’m not going to sugar coat it. The last several hours in crypto were absolutely terrifying. And I’ve seen some shit.
— Michael Arrington (@arrington) March 13, 2020