There is no forever, this is what Bitcoin has faced after its series of dropping of value from its peak on December 2017.
Dubbed as “King of Cryptocurrency,” Bitcoin has endured a major 55 percent down from its December peak.
Since November, Bitcoin’s month-long price slide continued on Thursday as the virtual currency fell below $9,000.
As of posting, Bitcoin is worth $8,700. That’s down 12 percent over the last 24 hours and 55 percent from December’s peak of $19,500.
The latest price decline comes amid growing concerns that the broader cryptocurrency ecosystem has become rife with scams and other questionable behavior.
None of these developments have been focused on bitcoin specifically, but the cryptocurrency ecosystem is highly interconnected. All the other major cryptocurrencies have suffered losses over the last 24 hours, and many virtual currencies have seen their value decline by double digits.
The first bit of bad news this week was Facebook’s announcement that it was restricting cryptocurrency ads on its various platforms.
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” Facebook wrote. Facebook described the policy as “intentionally broad” and listed “use your retirement funds to buy bitcoin” as an example of a cryptocurrency ad that wouldn’t pass muster under the policy.
Also this week, the Securities and Exchange Commission announced it was shutting down a little-known cryptocurrency project called AriseBank. The project was endorsed by boxer Evander Holyfield and claimed to have raised $600 million, but the SEC contends that the project was fraudulent.
Bad news really battered Bitcoin that much, we are now waiting what will happen next to the well-known cryptocurrency in the world.