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Staying true to form, Bitcoin again showed its rollercoster nature on Thursday (Nov 26)
The digital currency led to a large sell-off of cryptocurrency, dropping as much as 13% early Thursday to just over $ 16,300.
That’s after hitting its highest level in nearly two years earlier this week.
Other cryptocurrencies also fell, with Ripple’s XRP down more than 20%
And Ethereum down 13%.
Both currencies also hit highs earlier this week.
Bitcoin has gained around 160% this year.
But some experts say investing in cryptocurrencies is like playing roulette.
Adding that it’s because no one really understands what’s going on.
Unlike stocks or bonds, where business trends or central bank decisions can influence prices, crypto values remain a conundrum.
Analysts rarely pinpoint the causes when prices suddenly plummet or freeze for years.
Even the big names in finance are baffled.
Billionaire Masayoshi Son, CEO of Japan’s Softbank, said last week that he didn’t regret missing out on the latest rally, having sold in 2018 for a loss of around $ 50 million.
Transcript of the video
– Staying true to form, Bitcoin showed its roller coaster nature again on Thursday. The digital currency led to a large sell off of cryptocurrency, dropping as much as 13% early Thursday to just over $ 16,300. That’s after hitting its highest level in nearly two years earlier this week. Other cryptocurrencies also fell, with Ripple’s XRP down more than 20% and Ethereum down 13%. Both currencies had also hit highs earlier in the week.
Bitcoin has gained around 160% this year. But some experts say investing in cryptocurrencies is like playing roulette, adding that it’s because no one really understands what’s going on. Unlike stocks or bonds where business trends or central bank decisions can affect prices, crypto values remain an enigma. Analysts rarely pinpoint the causes when prices abruptly stop or stall for years.
Even the big names in finance are baffled. Billionaire Masayoshi Son, CEO of Japan’s SoftBank, said last week that he didn’t regret missing out on the latest rally, having sold out in 2018 for a loss of around $ 50 million.
