Bitcoin Keeps Failing To Raise ItselfJune 13, 2018
Falling After Yet Another Hack And Drags Other Cryptocurrencies With It.
Dark times have been present for those who invested in Bitcoin and other Cryptocurrencies, especially these last months. Bitcoin’s value managed to briefly break past the $20,000 mark by the end of 2017, but it has managed to stay below $7,000 these last few days.
This fall in value for Bitcoin has influenced other Cryptocurrencies as well, with most of them following suit since this year started.
And, as if that’s not enough, a new hacking case has made the world’s most popular crypto coin start a free fall.
From The Pinnacle to the Pit
Bitcoin investors were ecstatic last year when Bitcoin grew exponentially. Emotions were high as it kept breaking thresholds.
First, it was $5,000. Then, it reached $10,000 per coin. And, during those last days in December, Bitcoin broke the $20,000 mark.
But, those times are long gone.
Since the start of the current year, different factors have been contributing to the value of Bitcoin to keep falling, nonstop.
Initially, it was the regulation acts by China and South Korea that scared investors; but cases like the Coincheck hack have done even more to keep prices volatile.
Since its highest point, Bitcoin’s value has fallen more than 50%.
And, while it somehow managed to slowly climb back up to more stable numbers, a new hack against a crypto exchange has delivered another punch to the coin.
A Complete Disaster For Investors
Said hack is the robbery suffered by the South Korean Exchange Coinrail, proving that not even smaller crypto exchanges are outside of the hackers’ aim.
Luckily, though, this case hasn’t been as loud as others; that’s because it wasn’t as crippling.
Those responsible have pointed out that around 70% of the Cryptocurrencies were stored in “cold wallets”, which are apps that aren’t connected to the Internet and make it much harder for hackers to access the money.
It proves that, when it comes to the Internet and money, security must be your priority and it pays to be wise.
TechCrunch points out that the elevated volatility for the crypto market has made it so that whatever happens to Bitcoin also tends to happen to other crypto coins. And it seems to be true, since other tokens have fallen for an average of 6%.
For some, this is nothing but proof that Bitcoin and other Cryptocurrencies are nothing more than a bubble and a passing fad. For many others, this is just an opportunity to invest with hopes that the price will skyrocket in the future.
However, what’s certain is that those who invested in Cryptocurrencies (and did so using credit cards or bank credits) are paying much more than anyone else.
While it’s possible that Bitcoin’s value could leave everyone’s minds blown, it’s also possible that its value keeps sinking for a good while until that happens.
One thing remains true, this is the proof that you should never invest more than what you can afford to lose.