It’s a bad day in the world of cryptocurrency. After recovering some during the summer, the value of bitcoin and other cryptocurrencies are sharply down over the last several weeks. Looking back a month, bitcoin was worth around $8,500 a coin. Today it’s worth nearly $2,000 less.
The value of ether is off 6% in the last day, XRP a worse 7%. Bitcoin Cash is also off 7% in the last day. It’s rough out there.
None of this will phase bitcoin advocates. Peruse any crypto-focused forum and the narrative you’ll find is that bitcoin is merely on sale for a minute, and will rise again later. That may be true! Even if the impending 2020 halvening may not have a bullish impact.
As 2019 comes to a close, however, things aren’t super great for bitcoin and its friends. And thus in the immortal words of The Alan Parsons Project:
What must rise must fall
And what goes on in your life
Is writing on the wall!