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NEW YORK, NY – According to reports, the cryptocurrency market took a nosedive on Monday, losing at least $200 billion in value after its industry leader, Bitcoin, reported record-breaking high prices of approximately $42,000 on Friday; as of this morning, that price had plunged to $31,000, although it’s still considered an improvement over where it had been previously trading over the past few months.
There was concern among experts last week that Bitcoin’s continued rise in value was merely a bubble that was waiting to burst; it remains to be seen if today’s plunge is a sign that the bubble is set to do just that, although such a drop in value is considered by many to be “scary.”
In fact, the UK’s Financial Conduct Authority is currently warning cryptocurrency investors that they could be on the cusp of “losing all their money,” noting that there’s no guarantee that digital currency can be transformed back into actual money and that prices tend to fluctuate to a great degree.
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However, many Bitcoin faithful note that the digital currency should be able to ride out this plunge and bounce back due to the fact that many institutional investors are now involved, considering it a “mature asset” and a legitimate hedge against dollar weakness and inflation risk, as opposed to when the currency was first invented in 2008.
In addition to Bitcoin, other Cryptocurrency also took major hits on Monday; Ethereum dropped 20 percent and XRP fell 15 percent.
The reasoning for the drop, according to experts, is based on a strong dollar and political uncertainty surrounding the United States and the possible impeachment of President Donald Trump by Congress this week.