The Bitcoin Is Crashing

Posted: Jan 5 2017, 8:52am CST | by , in News | Also on the Geek Mind

 

The Bitcoin is Crashing
Photo Credit: Getty Images
 

Just a few days after reaching monumental highs in today's market, the Bitcoin is getting smashed.

The cryptocurrency was down 18% to about $892 per coin as of 8:17 a.m., according to Business Insider. It is the biggest drop that it has had in about two years.

Earlier this week on the first day of trading in 2017, Bitcoin crossed the $1,000 mark, for the first time since 2013. Now it has tumbled to far below that level.

Some predicted this because from the end of September through yesterday, right before the plunge, Bitcoin gained nearly 100%. This was due to China's new interest as money rushed out of the country thanks to the weakening of the yuan.

Today, however, the yuan witnessed the biggest two-day rise since they began keeping records in 2010. This happened as the government tries to stop outflows from the country and the overnight borrowing costs in Hong Kong reached historic highs. 

The yuan's rise is also pressuring the US dollar, which fell against other major currencies.

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<a href="/latest_stories/all/all/46" rel="author">Noel Diem</a>
Noel passion is to write about geek culture.

 

 

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