Crypto-currency investors like us are licking their wounds right now as Bitcoin, the most powerful crypto-currency continues it’s downward plunge. Any profit that may have been made from the beginning of the year is completely wiped out as Bitcoin has lost over 40% of it’s value in just 2 weeks. This is the worst price drop since April 2013 casting serious doubts on Bitcoin as a lucrative investment option. Everyone who bought Bitcoin this year is just watching as their investment crumbles right before their very eyes.
This is a major turn of events as 2017 was a very profitable year for Bitcoin buyers. The value of Bitcoin last year surpassed $15,000 in the beginning of December to peak just below $20,000. Only for everything to come crashing down in 2018 to the shock of everyone. By January this year, it has lost almost half of it’s peak value of $20,000 and has continue in it’s downward spiral ever since.
That downward plunge has however accelerated in the last couple of weeks in a brutal way. Currency traders says the most likely cause of this crash in value of Bitcoin is a series of forks this year which produced parallel currencies like Bitcoin Cash.