Why Did The Cryptocurrency Market Crashed?
The market was already in turmoil following Tesla’s decision when China declared a crackdown on cryptocurrencies, causing prices to drop.
What Price Bitcoin Drop To?
Bitcoin has hovered between $40,000 and $50,000 in the days since nearly reaching $52,000 on December 27. Last week, it was between $40,000 and $48,000. And Bitcoin’s plunge below $40,000 this week is the lowest it’s been since last summer.
What Does This Price Drop Mean for Crypto Investors?
“I’ve gone through the 2017 cycle, too,” Yang says, referring to the 2017 “crypto crash,” in which many major cryptocurrencies, including Bitcoin, lost a significant amount of value. “I’m aware that these things are quite volatile, and that they can drop by as much as 80% on any given day.”