Bitcoin drops $500 in 24 Hours

Written by Muniza Imran ·  41 sec read >

Once again, Bitcoin has dropped to $500 in a single day on Sunday, 10th June 2018. With its continuous downfall, it is expected for bitcoin to go as low as $5,947 by February 2019 with its current value being $6,742 with a 10% declination. However, it is not only the bitcoin that has fallen low within 24 hours; other currencies like Ripple and Ethereum, have also shown 10-20% decline as well.

The CoinMarketCap describes the value of bitcoin in the graph as:

Screenshot 2018-06-11 at 3.23.10 AM - Edited

Last week, we reported, why the values of cryptocurrency are declining on a large scale. In the initial days of bitcoin, mining was comparatively simple, everyday usage laptops were being used for mining bitcoins and the reward was very good too. With the mainstream adoption of bitcoin, things have changed now. Nowadays, high powered gaming laptops are used as the mining tools which are expensive and consume a significant amount of electricity.

As Bitcoin continues to decline, people are becoming skeptical when it comes to investment. It is not new for Bitcoin to decline at this rate, and is expected to fall down even lower in the coming months before it rises again by the beginning of 2019.