LONDON (Reuters) - Bitcoin dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash, sending its value up around a third.
Bitcoin has been on a tear in recent months, with a vertiginous sevenfold increase in value since the start of the year that has led to many warnings the bitcoin market - now worth well over $100 billion - has become a bubble that is about to burst.
It reached a record high of $7,888 around 1800 GMT on Wednesday after a software upgrade planned for next week that could have split the cryptocurrency in a so-called “fork” was suspended.
But it has quickly retreated from that peak, falling to as low as $6,718 around 1330 GMT on Friday. It later recovered a touch to trade around $6,880 by 1645 GMT, but that was still down almost 4 percent on the day.
There is nothing wrong in what is being faced and even the news because its normal to everyone who has been active in the bitcoin community and has always keep to the basic rule of not going in more than what you can afford to either lose, or leave long term but at the same time, I wish they can publicize news like this to the outside world in other to send two messages:
a. Its not all rosy in bitcoin and everyday is not all about upward trends, new all time high, record breaking price etc.
b. Bitcoin might not actually be a bubble because it falls and rise. It fell more than $1000 in 24hrs, it has gain $500 in 48hrs. These are important messages to be put out there and not only about how price increase beyond understanding.
