There is a roller coaster ride even more treacherous then the current stock market – Bitcoin. And Michael Sprung shines a light on the sparkling currency.
First the Economist gives the market details:
On December 17th, 2017 the price of bitcoin on CoinMarketCap, a cryptocurrency exchange, neared $20,000. True believers hoped that was just the beginning. One analyst at a Danish investment bank predicted bitcoin could be worth $100,000 by the end of 2018. The year is not yet over. But as The Economist went to press, bitcoin’s price was $4,223, and trending downwards. Where bitcoin goes, other cryptocurrencies follow. Ether, the second-most popular cryptocurrency, is down from $1,432 in January to $120 today.
All this marks the deflating of the third cryptocurrency bubble (the others were in 2011 and 2013). The trigger is unclear. Explaining the movements of deep, liquid markets is tricky at the best of times. Cryptocurrency markets are neither. One popular theory is that the the supply of brave buyers willing to take a punt has now been exhausted. Regulatory interest may be another reason. Cryptocurrencies have long been a haven for fraudsters. Now the law has started to pay attention. America’s Department of Justice is probing price manipulation in cryptocurrencies, which is widely believed to be rife.
Read more at the Economist…
Then the Guardian provides more detailed analysis and it appears that Crypto-currencies have replaced government and financial scoundrels with Internet hackers and thieves. So you get to decide who to trust your money with.
At least Coinbase follows the spinning Bitcoin value in helpful charts.