Two weeks ago, Bitcoin saw a dramatic surge in price that saw the digital currency soar from $10,000 to $20,000 in the space of a week.
But in the words of the great Canadian philosopher Ricky: what comes around is all around, and Bitcoin is having its moment of reckoning.
As of the time of writing, Bitcoin prices on the GDAX exchange plunged to around $10,000, marking a 30% fall in the last 24 hours, and nearly a 50% fall in value from the high of $19,666 recorded on Sunday evening. For anyone who bought Bitcoin early this week, it’s a painful and expensive lesson in speculating on unregulated strings of numbers; for the Bitcoin community at large, it’s a reminder that there’s a long way to go for this currency to be “viable.”
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