Bitcoin Value Drops

Kevin Ta, Staff Writer

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The roller coaster that is the bitcoin’s value has finally taken its dip, the cryptocurrency’s value

regressed 40% in US dollars on December 16, 2017.

Bitcoin prices reach an all-time high of $19,187 USD per bitcoin. Taking a look at the chart now, as of January 26, 2018, their value has decreased to $11,020.

What’s causing this drop in value? Countries are taking action in preventing the usage of this cryptocurrency. South Korea has taken action to close all bitcoin-related exchanges.  China has also taken a step forward and has forbid all initial coin offerings. Their new policy also restricts the local trading of bitcoins. This is an almost-deciding factor for the life of bitcoin as two-thirds of mining comes from China. Because of this, China’s central bank confidently announces they think the “bitcoin will [die and come to an end].”

Allan Kounlavong, a senior at ERHS, predicts that “Bitcoin will continue to drop continue its landslide.” He also says “I’m glad I didn’t invest into bitcoins a couple of months ago.”

 

 

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Bitcoin Value Drops