Bitcoin: Why is the largest cryptocurrency crashing?

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Bitcoin: Why is the largest cryptocurrency crashing?

Posted by matino on June 15, 2022 — Drop A Comment

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The first rule of writing about Bitcoin is: don’t write about Bitcoin.

The story of the world’s best known cryptocurrency is astonishingly fast-moving and its fans will soon line up to tell you you’ve got it all wrong.

But write about it we must, because the past 24 hours have been catastrophic for the grande dame of cryptocurrency – even by Bitcoin standards.

I’m going to concentrate on Bitcoin here – but if you’re a crypto follower, you’ll know the whole market is troubled, to put it mildly.

What’s happening?

As I write this, Bitcoin is trading at $21, 974 (£18,000). It’s fallen 25% in the past five days alone, to its lowest value in 18 months. Its peak of almost $70,000, in November, feels a lifetime ago.

The first rule of writing about Bitcoin is: don’t write about Bitcoin.

The story of the world’s best known cryptocurrency is astonishingly fast-moving and its fans will soon line up to tell you you’ve got it all wrong.

But write about it we must, because the past 24 hours have been catastrophic for the grande dame of cryptocurrency – even by Bitcoin standards.

I’m going to concentrate on Bitcoin here – but if you’re a crypto follower, you’ll know the whole market is troubled, to put it mildly.

What’s happening?

Matt Damon fronted a crypto ad that played at the Super Bowl

Elon Musk has tweeted prolifically about his love of crypto – and his electric-car company Tesla invested $1.5bn in Bitcoin last year.

But investment advisers urge tremendous caution.

“Honestly, it’s somewhere only the brave should enter,” State Street Advisors managing director Altaff Kassam told BBC Radio 5 Live’s Wake Up To Money programme.

And speaking of brave, Hollywood A-lister Matt Damon fronted a crypto ad with the slogan “Fortune favours the brave,” in October 2021. It played out at the Super Bowl and has been viewed 28 million times on Twitter and YouTube.

However the “brave” who bought Bitcoin when the ad came out probably won’t now be feeling they were done any “favours” – it was worth about three times as much then as it is today.