The price of Bitcoin dropped to $5,755 on Sunday afternoon. That marks the lowest point for the cryptocurrency so far in 2018, dipping below the year’s previous low of $5,967, hit on February 6.
The last time a unit of Bitcoin was worth less than $5,800, it was November 2017, according to CoinDesk. The Bitcoin crash of 2018 comes half a year after many cryptocurrencies skyrocketed in value.
At its peak last December, Bitcoin was trading as high as $19,783. To do some very simple math: If you had bought one unit of Bitcoin way back in early February 2017, when it was worth around $1,000, that investment would have been worth over $19,000 toward the end of last year.
If you bought Bitcoin on December 17, 2017, when it was worth roughly $19,000, you would be down roughly 70% today, when the price of Bitcoin is about $6,000. In other words, if you bought $1,000 worth of Bitcoin at the peak, it would be worth around $300 right now.
Well-respected financial minds like billionaire philanthropist Warren Buffett and Nobel-winning economist Robert Shiller have offered sharp criticisms of Bitcoin and other cryptocurrencies. They’ve all essentially said cryptocurrencies are speculative bubbles that are bound to pop. Read more from time.com…
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