Your first question might be: “What is cryptocurrency and how much was it worth if $8,000 is considered crashing?”
Millennials are familiar with Bitcoin and other cryptocurrencies. And yes, there are others. But anyone over 40 probably doesn’t really get it. That’s too bad, because Bitcoin has made millionaires out of some, in its short lifespan.
Cryptocurrencies plunged on Friday, with several of the largest falling by more than 20 percent and bitcoin sliding below $8,000 and headed for its worst week since 2013, as worries about a regulatory clampdown globally sent investors scrambling to sell.
The slump in prices this week means the total market value of cryptocurrencies is down to $385 billion, less than half the high it reached in January, according to industry tracker Coinmarketcap.com.
… Bitcoin, the biggest and best-known cryptocurrency, fell 12 percent on Friday to a two-month low of $7,910 on the Luxembourg-based Bitstamp exchange. It is down more than 30 percent this week.
The second and third largest virtual currencies, Ethereum and Ripple, have plunged 23 and 31 percent respectively in the past 24 hours, Coinmarketcap.com said.
… Supporters of cryptocurrencies say short-term price volatility is to be expected and does not undermine the power and value of the blockchain technology underpinning them.
So, if you are tired of the stock market, it might be a good idea to get in on the ground floor of cryptocurrency, as an alternative.