Tech

Bitcoin price collapses at times by almost 20 percent

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It’s a picture that Bitcoin investors should have gotten used to by now: Extreme price increases are often followed by a sharp slump. On Monday, the cryptocurrency fell as low as $ 30,260 after hitting a record high of nearly $ 42,000 late last week. Together with the development over the weekend, the price collapsed by more than twenty percent at times. On Monday, a Bitcoin on the Bitstamp trading platform cost around $ 33,000. On Tuesday morning, the price had recovered somewhat and was just under $ 36,000.

“The attack of weakness again illustrates the high susceptibility of the cryptocurrency to fluctuations”, commented Bitcoin expert Timo Emden from Emden Research. As a result, the total market volume of all currently around 8,225 digital currencies fell below the one trillion dollar mark again. Last week, the mark was exceeded for the first time after other digital currencies such as Ethereum had also gained in recent weeks.

A constant point of criticism is the sometimes violent price fluctuations. It is criticized that this fickleness disqualifies digital currencies for investment and especially for payment purposes. There is also the allegation that internet currencies could be misused for criminal purposes due to their high anonymity.


(olb)

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