It’s a bad day in the world of cryptocurrency. After recovering some during the summer, the value of bitcoin and other cryptocurrencies are sharply down over the last several weeks. Looking back a month, bitcoin was worth around $8,500 a coin. Today it’s worth nearly $2,000 less.
The value of ether is off 6% in the last day, XRP a worse 7%. Bitcoin Cash is also off 7% in the last day. It’s rough out there. None of this will phase bitcoin advocates. Peruse any crypto-focused forum and the narrative you’ll find is that bitcoin is merely on sale for a minute, and will rise again later. That may be true! Even if the impending 2020 halvening may not have a bullish impact. As 2019 comes to a close, however, things aren’t super great for bitcoin and its friends. And thus in the immortal words of The Alan Parsons Project:What goes up must come down
What must rise must fall
And what goes on in your life
Is writing on the wall!
What must rise must fall
And what goes on in your life
Is writing on the wall!