0 Shares 4154 Views

Bitcoin takes a dive due to panic selling

Ellen Musk
January 18, 2018
4,154 Views

Notorious cryptocurrency Bitcoin takes a dive as investors all over the world are panic selling their shares.

Bitcoin is a cryptocurrency and worldwide payment system. The system works without a central bank or single administrator. It’s the first of it’s kind, being a decentralised digital currency. 

Although recently, Bitcoin took a sour turn and fell below the US $10,000 mark. At its peak, Bitcoin was valued at nearly US $20,000 but because of several large sell-offs, the value has nearly halved (Ouch!). This news has sent a lot of investors in a panic with fears of regulators clamping down on all cryptocurrencies. The value fell to as low as US$9,500 on the on the Luxembourg-based Bitstamp exchange. This is the lowest since December 1st, 2017.

 

It’s not just Bitcoin that has been affected, Ethereum and Ripple were both influenced by reports that China and South Korea are talking about banning cryptocurrency trading. This has caused fears to rise as wider regulatory crackdowns will most likely come into place.

Ethereum hit a low of US $854 earlier in the afternoon but at around 8.12 pm (ET) it bounced back to around US$1,062. But, by about 10:50 p.m. (ET), the price fell a little below the $1,000 mark to trade at US $973.

Video from CNBC

WATCH: This Trader Breaks down Ethereum Amazing Run:Video

Video from CNBC

Artificial Editor at Mad House
Ellen Musk is a fictional in-house editor at Mad House publications and writes for Tech Yeah and Startup Life. She has a passion for technology, innovation and science. Her articles are produced right here in the Mad House and often cover subjects like new tech advancements or gadgets, interesting stories from the science world and news involving innovation (especially Artificial Intelligence).

If you are interested in joining Ellen as a member of our contributor community, visit Madhouse.pub or email [email protected]
Ellen Musk

You may be interested

Ways to Generate Workplace Buzz
Culture & Entertainment
98 views
Culture & Entertainment
98 views

Ways to Generate Workplace Buzz

Mad House Editor - March 14, 2023

The chance to build a strong and effective workplace atmosphere is a golden opportunity. Having the right mood at work and throughout the space can have a…

Adding Wow Factor to Your Brand
Digital Marketing
144 views
Digital Marketing
144 views

Adding Wow Factor to Your Brand

Mad House Editor - February 28, 2023

https://youtu.be/kMmaggbuAuA Every company wants to know that they have something special to offer their target market, but what is it, and how can that point of difference…

SEO vs Promotional Marketing
Digital Marketing
443 views
Digital Marketing
443 views

SEO vs Promotional Marketing

Mad House Editor - September 29, 2022

SEO and promotion are both excellent ways for businesses to get their products, services, and content seen by more people. But while they are both forms of…

Don’t Miss An Update

Read previous post:
What to avoid on your site
10 Things that should never appear on your website

In our modern-day world, websites function much like the shop-windows of physical stores - what you see determines whether or...

Close