Bitcoin plunges around 30% in 10 days, and ‘there is no one left to buy’
- 1 month ago
In the space of just 10 days, bitcoin, BTCUSD, -1.02% the world’s largest digital currency, fell through $6,000, then waved goodbye to $5,000 before eventually finding some support ahead of $4,000. All told, the so-called next digital gold lost around 30% over those 10 days and is down more than 80% from its all-time high.
Although just a fraction of the total value of global markets, the demise of the nascent product has burned many of its proponents, who saw it as an alternative to traditional currencies. “Everyone who still believes in cryptocurrency bought all they could afford months ago and now there is no one left to buy,” said Jani Ziedins of Cracked.Market in a Friday note to clients.