Bitcoin prices are like temperatures in the Midwest this time of year, falling.
The cryptocurrency popped back onto the rollercoaster it likes to ride on Friday night and went from roughly $56K to $48K just like that, a 13% free fall in 24 hours.
If you’re holding a couple of coins, I hate to remind you that the price was a whopping $69,000 on November 9.
Ether joined the party Friday, falling about 10%.
One guy jumping on the Bitcoin dip is El Salvador President Nayib Buckle, the one world leader flat out obsessed with Bitcoin. He’s already made it a national currency, and he pounced with the price hit $48,670, buying 150 BTC at that number.
One of the reasons for Bitcoins drop was investors moving money into Treasuries because of their relative safety. Risky stocks, in general, have had a rough couple of days on Wall Street, with Tesla falling 6%.
Experts are having a hard time figuring out the full scope of the fall – J.C. Parents, the chief market strategist for All Star Charts, told CNBC this.
“The evidence points to this being yet another derivative-induced selling event. The September flash crash had the same drivers as this selloff — leverage was flushed from the system in a violent fashion, which later enabled the market to eventually move higher toward a new all-time high in October.”
Stay tuned. We’ll have the story when Bitcoin rebounds, which it always does.