Bitcoin Bubble - Bloodbath before Christmas
Bitcoin (BTC) saw its bloodiest week before Christmas when it lost it's market capitalization by almost 45 percent or $144 billion in the wipeout. After reaching a high of $20,000 per BTC on Sunday, it started its downward spiral fuelled by frantic investor sell-off and bottomed out at $12,149 by Friday. After reaching those levels, it has started its upward trend again and is now valued at approximately $15,154 as on the day after Christmas. For those who aren’t aware, Bitcoin is the world’s first decentral ized crypto-currency held online, which means that there is no central bank or regulatory body for its oversight. ‘Satoshi Nakamoto’ using the block-chain technology first released it in 2009, and transactions are recorded in a public distributed ledger using peer-to-peer technology, which made it impossible to fraud transactions using this currency. In addition, the inventor developed it in such a way that there would only ever be 21 Million bitcoins in circ...
