Cryptocurrency – Bitcoin drops massively below $10,000 in minutes


Cryptocurrency is the new hype in the town. People are investing madly in cryptocurrency since the success of Bitcoin in the past few years so much so that the Bitcoin now has a market value of about $180 million. With cryptocurrency comes the massive risk of volatility as evident by the steep rise and fall in the price of Bitcoin in the past few months.
While the Bitcoin witnessed a low of $8,757 this week on 26 November, it bounced back to an all time high of $11,000 yesterday. But in just a few minutes after reaching an all time high of $11,000 it dropped steeply to a low of $9,290 in just a few minutes.
According to social media, the price decline coincides with reports that GDAX, the exchange offering of cryptocurrency startup Coinbase, had seen a service outage that is currently ongoing. Data from GDAX indicates the exchange hit a low of $8,593 before going offline.
Social media reports also suggest that Bitstamp and Gemini have faced outages or interruptions today, at a time that coincides with increasing mainstream interest in cryptocurrencies. According to data provider TradeBlock, GDAX, Bitstamp and Bitfinex are all currently operating unreliably.
Despite the steep crash this week, the currency is still worth more than it was last week, when it averaged at around $8,000. Experts largely argue that this massive instability in bitcoin is because Bitcoin isn’t a standardised, or even widely accepted currency, and it’s value will phase out one day or the other. The future of Bitcoin is still uncertain, and experts believe that the bubble in cryptocurrency is over and will follow a downward path in the coming months.
Only time will tell the fate of Bitcoin. Many investors are planning to back out from this cryptocurrency. Let’s see if it stabilizes in the coming months, or is overshadowed by the rise of some other cryptocurrency as the next de-facto online currency. Currently, Bitcoin is priced at $10,017.

Like and follow us on Facebook, LinkedIn,  Instagram and Twitter. Visit our website for further updates.

Comments

Post a Comment

Popular posts from this blog

10 reasons to study in Europe

Image
Europe boasts one of the best jaw dropping architecture, rich heritage and culture, and don’t get me started on the vast variety of European cuisine…. But when it comes to higher studies, Europe boasts one of the leading universities and institutes which offer quality education to students. Moreover, various European countries are now offering courses purely in English so that more and more International students can benefit from studying in these universities. Infact, spending a semester abroad or pursuing higher studies in Europe is already very popular in countries like Canada and the USA. So why should you study in Europe? We have listed below 10 reasons which we think are the key objectives which one should keep in mind while thinking of studying in Europe. 1 .  Highest Salaries in the whole world :  According to the OECD (Organization for Economic Co-operation and Development), 8 countries out of the top 10 countries with the highest salaries are in Europe!!! Cou...
Read more

Town in Switzerland offering €60,000 to young people to live there

Image
Switzerland is one of the most expensive countries to live in the entire world. With the strict immigration laws, finding a job and living in Switzerland is not that easy. But to everyone’s surprise, a Swiss town is offering young people €60,000 to live there. This has come up due to the rapid population plunge in the Swiss town of Albinen. Last month, the only school in the locality closed down because only seven children live there. After this, the fed up locals filed a petition to the mayor of the town to attract new families so that they can repopulate this Swiss town. The town’s population has declined so much in the past decade that now only 240 residents live there. The numbers are decreasing day by day due to the migration of the people to the big cities in recent years. The town is offering anyone who wishes to move here 25,000 CHF(€21,500), with an additional 10,000 CHF(€8,500) per child. So, a family of four can get a sum of €60,000 if they meet the criter...
Read more

Study in Spain - Top 5 universities in Spain

Image
From inventing the stapler and the mop to legal nudity, Spain is more than just sunshine and beaches. Spain is the second largest country in Europe, and Spanish is second most widely spoken language in the world. Spain also has one of the best and affordable business schools in Europe. Spain has some 76 universities spread across the country, with some of the most highly ranked and popular based in Madrid, Barcelona and the smaller cities of Pamplona and Granada. Each region of Spain is entirely different and students should base where they want to study not just on the university, but also the lifestyle associated with the region. One of the best things about studying in Spain is that living costs are very low and everything is easily available even in the small towns. Spain is relatively cheaper to most of the Western European countries making it one of the most affordable choice for higher studies across Europe. While most of the programs are taught in Spanish, the...
Read more