You’ve probably already heard, but Bitcoin (BTC) has been nosediving over the last few days: less than a week ago it was trading just below the $20,000 mark, and now it is sitting at $14,120.68 a piece.
It’s not just Bitcoin (BTC), either – at the time of writing on Friday, December 22, the top 25 cryptocurrencies (by total market cap) are all in the red for the last 24 hours of trading. Ethereum (ETH) is down 16 percent, for example, and so is Litecoin (LTC). Meanwhile, IOTA (MIOTA) is down nearly 30 percent.
The altcoin market overall has taken a big loss today. The cryptocurrency sector as a whole, including Bitcoin (BTC), is down to about $539 billion – whereas it was sitting comfortably at $650 billion just one day ago.
Should I Worry About the Unexpected Bitcoin (BTC) and Altcoin Slump?
While some analysts have attempted to deem this week’s sluggish performance as a healthy drop in the industry’s prices that will correct itself in time. Other cryptocurrency experts are saying that the current drop feels different than previous market-wide dips that have been observed.
Former Goldman Sachs trader Michael Novogratz, who just last week told media outlets that Bitcoin (BTC) could hit $40,000 in a matter of months, said that his firm (Fortress Investment Group LLC) is now reassessing their investment plans after today’s foreboding market performance.
The drop in the whole crypto-sector today even caused Coinbase – the biggest cryptocurrency exchange globally – to temporarily disable all trading today.
The author of this article holds no position in any of the assets mentioned above.