Bitcoin sees its first major fall this week and people are confused whether to pull their money or invest more taking advantage of the cheap rates.
After an Incredible increase, as the year comes to a close, Bitcoin is now dropping at an exponential rate. Just today it slumped 21% it opened at $15,561 and then had a terrible fall as low as $12,500. The huge fall was a big surprise for analysts and it brought many people on their knees as they saw their investment fall. It has since recovered to an excess of $13,000, but the damage has already been done. But it wasn’t just Bitcoin many Cryptocurrencies fell today as Etherium also suffered a fall of 18 %. Bitcoin started the year at $800 and since had a meteoric rise but now time will tell how it will fare its fall.
There is a frantic demand for cryptocurrencies with a very limited supply from their companies; this has led to investors holding the top spot in the race for digital wealth. People have now come to their knees and are spending each and every penny they have to get a piece of the action, this has caused people to sell their houses, gold, jewelry and other things just to get the money to buy Cryptocurrencies and with a fall so steep people are starting to have mixed feelings.
Cryptocurrencies have exploded in popularity these days since the rise of Bitcoin, Companies have transferred their payment options to Bitcoin and people have spent their life savings to get a piece of the pie that everyone had. Many people have profited heavily from this but the fall of their newly earned digital wealth may leave a sour taste in the mouth for a few days.
According to several sources, Bitcoin touched a resounding $19,800 in December and since its rise many people have invested huge sums of money in the currency, but no one knows exactly why this fall came to be as there is considerable demand for the currency and people are willing to give anything for it. Now it has seen a fall and Bitcoin is the biggest name other top Cryptocurrencies also rose to record highs this week but since their rise they all have had a terrible fall. But many experts are predicting that the Coin service will have a rise soon in 2018.
Only time will tell how effective in Cryptocurrency and how soon can people make up the money that they have lost in this fall, till then we are keeping a close eye on the charts and will update with the latest news as soon as they are confirmed.