//Bitcoin Drops Below $10,000 – 50% Off All-Time high

Bitcoin Drops Below $10,000 – 50% Off All-Time high

The cryptocurrency market are going through their second day of heavy losses with Bitcoin dropping below $10,000 and  Ethereum (ETH) below $900, marking a price slide of over 30% for both assets this week.

Many industry figures see this as an opportunity to buy cheap crypto assets although there needs to be some caution as the local bottom of the market may still be ahead. However it must also be noted that we are only back to levels we saw one month ago:

Community and industry figures have reacted with mixed emotions to the downturn, which mimics behavior seen in January over the past three years.

This Wednesday various publications are hinting at the possibility of Bitcoin’s alleged ‘bubble’ having burst. As usual there are various Bitcoin obituaries being prepared. You can read a few of them on 99 bitcoins.

Charles Hayter, chief executive of CryptoCompare, said that many expected the cryptocurrency market to decline.

“The market was very overheated and had significantly dislocated from trend. A large percentage of investors were expecting this correction and reversion to mean.”