Bitcoin’s Crash Caused Panic in Crypto Market

From the start of this year bitcoin and other cryptocurrencies showed a magnificent wave of seemingly endless growth. The situation changed today as Bitcoin, Ethereum, Litecoin and other major cryptocurrencies crashed today.

This week Bitcoin’s value changed by 25 % crash down, from a  high of almost $20,000 to a low of below $12,000. The main issue causing investors to put money is the volatility, which helps them to gain high profits.

Bull Run

Since the beginning of 2017, Bitcoin’s price rose with seemingly no end in sight. On Jan. 1, it’s price was listed at almost $997. At its peak, the price rose to just south of $20,000.

This week, after price dropped down bitcoin holders started to sell their tokens, which caused price to dip below $12,000.  In the last 24 hours most cryptocurrencies have been marking double-digit losses.

This month many cryptocurrencies saw a huge spike. Prices started to drop this week after Emil Oldenburg, one of the founders announced he would be selling his stake in bitcoin. He criticized bitcoin for high transaction fees.