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Cryptocurrencies Fall Dramatically as Bitcoin Drops to near Year Lows

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Bitcoin has fallen below six-thousand dollars per coin as it continues on a path downward that it has taken for much of this calendar year. It seems that cryptocurrencies have fallen at least a little out of favor with some investors as they seek alternatives to this kind of investing.

The low point on the year for Bitcoin was on June 18th when it reached $5,785 per coin. It is near that price now and threatens to break through it if the current trends continue. The pricing of these cryptocurrencies right now is interesting as they were much higher just one month ago when there was word of institutional interest in these coins from the likes of Blackrock, Starbucks, Microsoft, and other according to CNBC. That news had Bitcoin soaring to around $8,000 per coin. Clearly, things have calmed down a lot sense then in terms of the price that one can get for their Bitcoins now.

There was a postponement of an exchange-traded fund (ETF) that was going to specialize in cryptocurrencies in particular. This may have led to some of the sour mood revolving around cryptocurrencies in the last few days and weeks. It is definitely an asset that seems to trade heavily on the latest news that is out there. If that news takes a turn for the worse, then the value of cryptocurrencies tend to do so in dramatic fashion as well. It is almost as if holders of this currency don’t exactly know what to make of it and what they should do with it in terms of buying more or selling off what they already have.

While cryptocurrencies continue to gain in influence on Wall Street, and while they are more accepted by Wall Street establishment characters in general, you have to keep in mind that the value of popular cryptocurrencies such as Bitcoin are still off by about seventy percent since it hit an all-time high late in 2017. That is a big deal because that is when the currency was really at its height in popularity and notice with the general public.

The next moves in these currencies are going to be interesting. Are we headed towards more downward momentum? What happens if the stock market starts to crash as well? Are people really going to be able to continue to use cryptocurrencies in the ways that they have been up to this point? These are the questions that only the future knows.

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