After reaching the 20-thousand-dollar mark, Bitcoin experienced its largest drop of the year to 12,600 dollars. Other cryptocurrencies also suffered heavy losses.
Illustration Photo credit: Reuters/ Israel News Company
Today (Friday), after an unbelievable run to around 20 thousand dollars, Bitcoin lost 23 percent of its value and dropped to 12,600 dollars. The drop was the largest one of the year.
In January of 2017, the value of Bitcoin stood at 998 dollars. However, Bitcoin is far from being the only cryptocurrency that has experienced a rollercoaster of a year. The Ethereum blockchain coin, known as Ether, started the year at approximately eight dollars and today, even after a 20 percent drop, is valued at over 600 dollars.
It remains unclear what caused the current bear market. Meanwhile, one of the largest exchanges, known as Coinbase, has closed its services due to the heavy load on its servers caused by people cutting their losses.