Bitcoin value drops below $8,500
Bitcoin has had a disastrous week, falling below $8,500 today as investors remain spooked about the future of cryptocurrencies. According to CoinDesk, Bitcoin opened at $9,052 today and hit a low of $7,695.
At the time of writing, it had recovered slightly and was trading at $8,403, its lowest price since late November. Bitcoin is extremely volatile and has been declining for the past month.
Other cryptocurrencies including Ethereum, Ripple, Litecoin, and Steem have all plunged between 20 to 30 percent each, according to CoinMarketCap.
That buzz has since fizzled. Though regulation for cryptocurrencies is still relatively nascent, it’s likely recent developments have continued to rattle investors. India recently said it doesn’t consider Bitcoin to be legal tender, Korea is planning a bill to completely ban domestic cryptocurrency trading, and China is increasingly clamping down on digital currencies.
Just a few days ago, Facebook announced it would ban advertisements for cryptocurrencies as part of an “intentionally broad” policy against deceptive marketers. (It should be noted that the ban isn’t permanent.)
Coins mentioned in post:
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Bitcoins as well as other digital currencies is the key currency for tomorrow. No matter it todays depreciation and appreciation