As a result, people are increasingly deciding to sell up.
Unlike other more traditional assets, Bitcoin has no intrinsic value to underpin it - there's no bricks and mortar, revenue stream or underlying business, FT markets editor Katie Martin says."That's when it gets scary for people because, if enough people head for the exit, there's no floor. There's nothing to stop it trading at $10,000 tomorrow, if enough people give up or are forced to sell.
The crypto lender Celsius did the same - but it cited "extreme market conditions" rather than technical difficulties. And now, the Coinbase exchange has just announced it is laying off 18% of its workforce,The first two caused panic. Imagine if you suddenly couldn't withdraw cash from your bank, or you heard other people couldn't. You'd be at the nearest cash machine, along with everybody else, in record time, and this in itself would create more upheaval and more panic.
lol I love BBC crypto-related headlines
The same as with the whole market. Everything is red. EVERYTHING.
What's happening to cryptocurrencies? That should be the question!
It's reverting to its real value: 0 Bitcoin
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