Bitcoin has given up its support above $6,000 and fallen below the waterline for the second time in 2018, and cryptocurrency investors — including those who got into ethereum and ripple — have been sharing their stories of woe. The bitcoin price previously dropped under the psychological $6,000 mark in late June but bounced back — and while many are hoping it will again, fear has gripped investors who hastily bought into bitcoin and other major cryptocurrencies late last year.
Bitcoin, still the world’s most valuable currency, has lost 6% of its value over the last 24 hours, according to CoinMarketCap data, falling from highs of almost $20,000 in mid-December. The bitcoin price had been holding about $6,000 until this evening.CoinDesk Meanwhile, ethereum, which trades through the token ether, has lost a whopping 17% in 24 hours and fallen to around $290 — the first time ethereum has been below $300 this year.
Ripple is down 14%, while litecoin is down some 12% over the last 24 hours. The total market capitalization of all cryptocurrencies has now fallen below $200 billion, the lowest (yet) in 2018, and down from a high of over $800 billion in January, Amid the sell-off those who bought into bitcoin, ethereum, ripple and other major cryptocurrencies late last year have been sharing their stories on link aggregation site Reddit — one of the most popular sites online to discuss the fortunes of bitcoin and crypto. These posts can be found in the r/cryptocurrency subreddit, which has some 700,000 subscribers.
I’ve taken some of the key takeaways here but I’d encourage you to check out their full posts. The advice, lessons learned, and comments from fellow users who are also suffering in the rout are often insightful and interesting.
Reddit user u/hgoddyn created a post titled: Most fun I ever had losing money. Down $25,000 in crypto’s “I got into cryptos at the end of January. Read more from forbes.com…
thumbnail courtesy of forbes.com