Bitcoin has had a remarkable year. It started 2017 at a value of $998 and soared to just shy of $20,000 earlier this week, making anyone who invested early very, very rich.
However, Bitcoin, along with almost all of the top 100 cryptocurrencies, suffered a huge market crash today, with the price falling as much as 23 percent on Coinbase.
The value of bitcoin dropped below $12,000 briefly at around 2:30 a.m. ET, wiping almost $4,000 off the value of bitcoin at one point making that the highest percentage loss that bitcoin has suffered this year.
It wasn’t just bitcoin that lost a lot of value though, as nearly every other high-profile altcoin lost value over the last 24 hours according to Coinmarketcap.
Cryptocurrencies continue to be highly volatile with no clear indication as to why the crash happened — much like it’s hard to pin down exactly why cryptocurrencies have exploded in value recently.
In other news, you can now stream Quavo and Travis Scott’s collaborative Huncho Jack, Jack Huncho here.
- Source: Tech Crunch
- Main & Featured Image: ANTHONY WALLACE / AFP/ Getty Images