The volatility is hard to stomach. A Cryptos crash is upon us, but it could be short lived. Bitcoin, the cryptocurrency that has soared in value this year, plunged below $11,000 Friday morning, sinking by nearly half from a record high it hit less than a week ago. The cryptos crash has taken others like IOTA, Litecoin and Ether down as well.

The cryptocurrency, which allows anonymous transactions unrestricted by global borders, is popular with tech heads, people suspicious of government and — more notoriously — those seeking to launder money. But the eye-popping run-up in Bitcoin’s value this year has lured more mainstream interest in cryptocurrencies purely as an investment opportunity. It’s lack of government backing and regulation, however, also leads to volatility, like the dramatic swings seen this week.

Bitcoin dropped at one point Friday morning to $10,400, according to exchange Coinbase. In recent Coinbase trading, it was valued at about $13,000.

Even though the cryptocurrency started the year at less than $1,000, it rocketed to a record high above $19,800 on Sunday. Though the price retrenched earlier this week to trade around $15,500 for much of Thursday, a selloff hit that afternoon and accelerated Friday morning.

Investment firm Goldman Sachs reportedly plans to create a trading desk to handle digital currencies by the middle of next year, Bloomberg News reported Thursday, suggesting that mainstream investor interest could grow. But regulators have warned about cryptocurrencies’ relative lack of investor protections, fostering an environment ripe for scams.

Interested in buying bitcoin? Get $10 free now through Quad7Capital and Coinbase


We want you to join our community

Benefits of signing up for a FREE membership now:

-No more costly delays in waiting for material

-Dozens of publications per week, including news coverage, earnings commentary, analysis, politics, and more

-Access to special guest contributions, including from WSJ, CNBC, and prolific SA authors

Ability to comment on articles

Access to our weekly newsletter

-Publish your own opinion/analysis (click here to become a contributor!)

CLICK HERE: All you have to do is register, and join the community today. 

Thank you for your readership, and for your loyalty.




Not interested? We understand. However, you will miss out on the insights we have provided over the years, that helped drive us to the NUMBER ONE AUTHOR on long ideas on the Seeking Alpha Platform,


Please Like And Share Our Content!