As business headlines target the significant drop in the Dow Jones, there is another major area of the market that is experiencing its own plunge: bitcoin.
The peer-to-peer decentralized virtual currency plummeted from the daily high of $8,346 to as low as $7,178. Bitcoin prices have started to pare the substantial losses – it’s trading at more than $7,300 – but the crashing more than $1,000 in a single day is astonishing.
Here is what traders are looking at:
Is bitcoin on its final legs? Buyer exhaustion, or the lack of momentum, is what’s perhaps driving the latest declines. Either way, you have to feel bad for those who got into the market at $19,000.
Here is a question: what will crash first? Bitcoin or the Dow Jones?
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