Experts have been saying it was going to happen for some time now, and perhaps it finally has. Bitcoin, the world’s favorite crypto-currency has started to see massive declines in its value. It had set a new record high as recently as this past Sunday, but it is now down forty percent from that record according to CNBC. That has happened in the span of just five days.
A single Bitcoin was valued at nearly $20,000 on Sunday, but it started to decline rapidly. It held out at a base of a little more than $15,000 through Thursday, but then dropped even more on Friday. It hit a low of $10,400 on Friday before bouncing back a little to about $11,600 as of the time of this writing (approximately 11am Friday December 22, 2017). This quote could very well be massively different by the time you are reading this. Even at one point earlier this morning the price of Bitcoin fell by more than $1,000.
The decline in value of this currency is definitely on. Many have been calling that this was going to happen for some time now. They saw it climb higher and higher and could not believe that it was possible that it would go any higher. They may just be right on this. It does seem like the currency is starting to fall back into more normal patterns in terms of how these type of things are usually valued.
There are many other investments that are linked to the value of Bitcoin. That is to say that they have some kind of tie into the performance of the crypto-currency. Now that Bitcoin is on the decline, those investments are also seeing a massive fall in value as well.
Some customers of crypto-currencies have expressed frustration with their inability to pull their funds from their various accounts. They are mad at the companies, and this panic may be weighing on the price of the currency as well.
This move has some people sitting back and smiling to themselves. They have been warning others that this kind of thing was not only possible, but even likely. The crypto-currencies like Bitcoin are not tied to any particular backing by a central government of any kind. As such, they only have value as long as people believe they have value. This kind of decline means that there are some who are wavering on their belief in the currency.