Things aren’t looking so great for bitcoin right now. The world’s largest cryptocurrency has suffered major losses over the past week, with several commentators pointing to the similarities between the current price chart and the end of a bubble in value.
Last year looked so promising for Bitcoin. Starting 2017 just shy of the $1,000 mark, Bitcoin picked up momentum and reached $19,753 on December 17. Over the past week, Bitcoin’s gradual depreciation accelerated, dropping from $14,984 to $9,402 to shed 37 percent of its value in just seven days.
“So Bitcoin just lost half its value,” said economist Paul Krugman on his Twitterpage Wednesday. “Where does it now stand relative to fundamentals? Hard to say, because there aren’t any fundamentals. More than ever, this looks like a pure bubble.”
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