Bitcoin in Freefall as it Drops Below $13,000

A mini heart attack scenario for the investors of Bitcoin cryptocurrency as Bitcoin fell more than 18% to below $13,000 on the Bitstamp exchange on Friday, extending overnight losses.

It was last down 19% at $12,635

The “wild” cryptocurrency, which was at about $1,000 at the year’s start, had ascended to a record high of $19,666 (~Rs. 2,163,260) on Sunday in lead up to exchange giant CME Group’s launch of Bitcoin futures before losing worth rapidly.

Bitcoin has seen some of most extreme swings in December.

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Previously, in November, it collapsed almost 30% in four days from $7,888 to $5,555. In September, it fell 41% from $4,979 to $2,972.

On Thursday, Bloomberg reported that Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies like bitcoin, citing people familiar with the matter. According to the report, the Wall Street bank aims to get the business running by the end of June.

But others may be testing their “luck” in alternative cryptocurrencies, as bitcoin is far from alone in having seen its price recently hit an all-time high.

According to data from OnChainFX, which charts price developments for cryptocurrencies:


All of the top-20 coins by market capitalization have seen an all-time high within the past four days. Of those, cryptocurrencies like bitcoin cash, dash and Litecoin have since posted declines in the last 24 hours.


 

Contributor


  • Jitni Speed Se Increase Hui agar Utni Speed Me Kam Ho Bhi Jay To No Issue, Bus Investors Dil Thaam Ke Bethen :P

    • Arslan Ejaz

      Lol True Said This was just a ponzi scheme.

      • Mainichi

        If you actually believe that, then you’ve got a lot of reading up to do.

        • Arslan Ejaz

          I have researched in my own and believe me they have no future they are just gambling tactics. Aka double shah

          • Mainichi

            Cryptocurrency and bitcoin is revolutionary. Read the white paper.

            • Arslan Ejaz

              Yeah that’s why it dropped to 13K$ i m just saying bitcoin itself is ponzi scheme but the blockchain technology itself have many advantages and it is no doubt revolutionary.

              • Mainichi

                How is it a ponzi scheme?

                • Arslan Ejaz

                  Bro Google is your friend. i can’t argue with you. you are not getting my point. it is ponzi and pyramid both and it is forbidden in Islam.

                  • Mainichi

                    I’m not getting your point because you haven’t made a point yet. Prove that it is a ponzi scheme.

      • It was a air buble :P

  • Ab Daily Stock Market Ki Tarha BitCoin Pe Article Ayenge K Aj itna Howa Kal Itna Howa

  • Shahmeer ALi

    as expected, hyped to get investors, downed to get revenues

  • Aamir

    its getting up again , i believe its here to stay.
    Pakistan like always will always far late to accept something in economy, declared it as illegal.
    Chootya govt