Friday February 02, 2018

Bitcoin - What Goes Up Must Come Down

There are lot of stories making the rounds this morning about the huge drop in Bitcoin cryptocurrency prices dropping like rocks lately, however it is worth noting that this is on the heels of huge gains seen at the end of last year. Of course if you bought at it's high of around $20K, it sliding below $8K this morning is going to look quite ugly. Remember you crazy kids, buy low, sell high. Make sure you don't get that mixed up. If you want to get mining, you check out our coverage from yesterday, Threadripper Pays for Itself Using Cryptocurrency Mining. Worth noting that mining and buying and selling cryptocurrency are two very different things beyond the costs associated with mining infrastructure. Thanks Donald H.!

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Bitcoin, the biggest and best-known cryptocurrency, fell as much as 15 percent on Friday to a two-month low of $7,625 on the Luxembourg-based Bitstamp exchange BTC=BSP. It clawed back some losses and was down around 4.1 percent at $8,623.50 in mid-morning New York trading. The virtual currency is down by close to 25 percent this week and almost 40 percent in 2018. The second and third largest virtual currencies, Ethereum and Ripple, also plunged more than 20 percent at the session low, said. Ethereum was last down 18.2 percent, at $913.37, while Ripple last traded at 80 U.S. cents, down 16.7 percent.