The cryptocurrency values collapsed earlier today. The value of Bitcoin was slowly decreasing during the early hours of the day, from close to US$ 53000 to about US$ 50000. Around 10 am EDT (2 pm UTC), its value plunged. By 11:15 am EDT, it had reached about US$ 45000. From there it has recovered to about US$ 47500 (10:45 pm EDT).
The causes of this are unclear, however, it is believed that the sudden liquidation of $1.2 billion in Bitcoin long options had something to do with it.
The cryptocurrency market capitalization decreased by about 14% (at its worse), it did recover to settle at about a 11% loss for the day. I expect the market capitalization to recover completely over the next following days.
This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.
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