Literally Anyone Could've Predicted the Great Crypto Crash
Sorry, but you’re not going to convince me that this absolutely predictable turn of events is anything but funny.
Have you heard? “Bitcoin Is Increasingly Acting Like Just Another Tech Stock,” according to The New York Times. What’s that mean? Like all tech unicorns, what goes up must go way down, and the value of crypto is going through the floor.
Just how bad it is for the crypto-heads? Here’s how Slate’s guide “for normies” explains it:
On Monday, Bitcoin sharply plunged in value along with other popular digital currencies, leading to an $800 billion loss in the overall cryptocurrency market as of this writing.* Nearly 40 percent of Bitcoin holders have lost all the money they’d invested in the currency, as the value of a single coin has dropped below even last year’s post-crash July low. Throughout this week, multiple coins have seen double-digit losses in value. In response, blockchain networks have halted trade of certain currencies as they attempt to stabilize the market, which is down 20 percent from last week.
Boy, those are big numbers! But exactly why is this happening?