Just another day in our glorious future of crypto currency:
According to the popular cryptocurrency app Coinbase, the price of Bitcoin slumped to $7,540 on Friday morning before picking up to around $9,000 a little before noon. The run of thousand-percent increases was never sustainable, and even the most dedicated believers in the cryptocurrency revolution didn’t think the high of almost $20,000 would hold in the short term. But the common belief among the community has been that $10,000 was as low as it would go. Irrational exuberance inevitably invites corrections, but it’s beginning to look like we’re witnessing a massacre.
In a matter of 24 hours, about $30 billion was wiped off of Bitcoin’s market cap. A look at the charts on CoinMarketCap shows that all but five of the top 100 cryptocurrencies are down, most by double digits. All told, Bitcoin has lost $177 billion from its high in December.
It’s not difficult to pin down why this is all happening. Even if you truly believe that blockchain technology is the future and decentralized currency will eventually find its footing, it’s impossible to ignore the fact that we’ve seen nothing but bad news for the whole crypto-sphere.