The price of Bitcoin dropped more than £1,486 ($2,000) in the space of just a few hours, after hitting an all-time high days earlier.
On Tuesday, the cryptocurrency surpassed £7,431 ($10,000) for the first time, this was followed by a second rise, resulting in it hitting £8,174 ($11,000) just the next day, but I guess all good things must come to an end and yesterday it briefly crashed below £6,686 ($9,000).
This drop is one of the sharpest of recent times, and has had many people claiming the 'Bitcoin bubble has burst', but let's face it, it's still a very valuable currency.
As the day continued, the price slowly rose again and by 5pm EST it was back up to £7,431 ($10,000).
Even after the slight decline, Bitcoin is still worth a hell of a lot more than a few years back when it was created. A year and a half after its 2009 launch, bitcoins were eight US cents each, by 2011 they were worth a US dollar apiece. From then, the currency has boomed, with pretty much all of the early investors now millionaires - except for the few guys laden with regret who sold them off early on, of course.
While it's enjoyed many surges since its release the ones in the past few days are pretty fucking mind-blowing; to give you some context in January this year - a mere 11 months ago - Bitcoin was worth £743, ($1,000).
Come September, it would be valued at (£3,716) $5,000 and that brings us nicely to where we're at today.
So it makes perfect sense that the coin has suffered a bit of a hit in the past day or so, but of course social media users didn't care about that and decided that it signalled the end for Bitcoin:
Although initially associated with the dodgy dealings of the dark web, Bitcoin is starting to become more mainstream and beginning to look more like viable currency to many businesses. What this means for the cryptocurrency's future, I don't know. I'm too busy kicking myself for not buying in when they were knocking them out for eight cents, to be honest.
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Source: coindesk.com
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