Dollar prices for the original and most traded cryptocurrency, Bitcoin, fell below $10 000 for the first time since November last year this week before recovering slightly back to around $11 000.
With prices having reached almost $20 000 in December, the bubble may technically already have burst, but the digital currency is still trading heavily at levels 10 times higher than a year ago.
Trading volumes this week reached near-record levels with $12 billion in trades between Monday and Friday, according to CryptoCompare, a website tracking cryptocurrency markets.
Hussein Sayed, chief market strategist at FXTM, pointed out that it was impossible to establish a fair value for cryptocurrencies and that most recent investors in these currencies were not looking to use them as mediums of exchange, but speculating to make a profit off the rising prices.
Announcements by Chinese and Korean authorities that they are cracking down on cryptocurrency exchanges were given the blame for the recent price collapse.
Good post. Good information to us. @kevin119
Thank brother