The volatile cryptocurrency market plunged by 10% in the last 24 hours, and wiped billions off the value of popular coins. So much so that it has now sparked fears of suicide among big time investors. The most famous cryptocurrency “Bitcoin”, fell below $6,000 from $20,000 in December, whilst Ethereum fell by 10% in one day to $250, its lowest price in a year.
The drastic plunge in cryptocurrency values has now seen suicide prevention messages being shared on investor forums, as their fortunes took a devastating drop, with the worst to suffer being those that possessed more coins. For instance, ‘Bitcoin’ fell below $6,000 per coin yesterday after hitting its high in December of 2017 at $20,000 per coin. A major drop in value there!
On Reddit, the popular sub r/cryptocurrency, people posted suicide helpline numbers, as well as links for the US Suicide Hotline and the National Alliance on Mental Illness.
One Reddit post read: ‘If you feel you might be suicidal, and live in the United States, I urge you to call the Suicide Hotline at 800-273-8255 or navigate to for a live chat and additional resources.’
On early trading on Tuesday, Bitcoin was down 4.5pc to $5,975, the worst since the end of June, and before that, November 2017.
Additionally, Ethereum and Litecoin sunk to 11 month lows, in a drastic downturn from previous value. In 2018, Bitcoin is down 57%, Ether is down 67%, whilst Bitcoin cash is down 80%, and Ripple is down a staggering 87%. Over $600 billion has now been wiped off the coin market in 8 months.
Hussein Sayed of Forextime said the sell-off on delays to a decision by US regulators on whether to allow Bitcoin exchange-traded funds (known as ETFs), are to blame. The Security and Exchange Commission has now set a new deadline of September 30th.
Hussein Sayed stated, “If an ETF doesn’t see the light in the coming weeks, expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream. A break below $5,770 will intensify selling pressure as it’s the only major support still standing.”
So there you have it! If you owned Cryptocurrency coins, you’re a lot poorer now than you were yesterday. Now the question remains, will the coins fall further down, or will they slowly pick up steam again? We’re no experts, but this sort of virtual gambling is probably much worse than anyone can ever imagine. Is it time to sell now, or just wait and hope for the best?
Story by The Narrator
Featured Photo Credit: Coin Crypto Rama