Bitcoin plunges below $7000

Bitcoin, the most capitalized cryptocurrency in the world, became much less capitalized during the European evening 05 February 2018. At 8:25 UTC, it was $6963.17 on Coinmarketcap, while the cryptocurrency-related news websites started to cover the fall since it reached $8000.

The fundamental reason of this major downfall is that Bitcoin has been growing too high throughout the past autumn and the first half of winter, without any major setbacks. This setback should have happened long ago. Of course, now the financial experts are going to become as bearish as they have never been before (simply because most of them did not hear about Bitcoin before 2017).

This is not the first time Bitcoin plunges below with such a rapid speed. Similar events happened in 2013 and before that, although Bitcoin did not lose thousands back then.

Yesterday, the news on CNBC might have indirectly predicted this by the headline “Bitcoin is the new locker room talk for some NFL players”. As investor Brian Kelly suggested, when the casuals talk about an asset as a means of investment, quickly sell it, and when everybody sells, invest in it. The advice was the most useful in mid-December, when Bitcoin cost $20,000 (seems so far away).