Was it an omen when the co-founder of Bitcoin.com called the cryptocurrency an ‘extremely risky’ investment earlier this week, or has the mania within this particular crypto finally reached a peak? Either way, Bitcoin’s price has fallen from an all-time high of over $20,000 per coin on Dec. 17 to now falling into the $11,000 handle just five days later.
Bitcoin has been on a tear this past with the value of the cryptocurrency jumping from $8,000 to nearly $20,000. Well that run hit an abrupt end today as the price crashed as much as 23 percent on Coinbase. The price briefly dipped below $12,000 on some exchanges at around 7:30 am London time.
The drop — which wiped more than $4,000 from the value of bitcoin at one point — was the highest percentage loss of value that bitcoin has seen this year. The cryptocurrency was valued at just $998 on January 1 2017 and it soared to a record high of nearly $20,000 on some exchanges earlier this week. – Tech Crunch
Additionally, with strong governmental warnings coming from the three countries that produce 80% of all the volume for Bitcoin (Japan, South Korea, and Vietnam), could this be playing a role in the massive sell-off of the cryptocurrency, which by the way is also occurring in many other crypto sectors?