Cryptocurrency is touted as the currency of the future and many people are investing in this digital money. There are thousands of cryptographic files in the world today. However, only a few of them are popular all over the world. As profitable as crypto-investing may seem, it is actually very risky, just like any other investment. In fact, it is one of the riskiest investments you can make if you don't have a proper understanding of how the market works.
There is fear in the cryptocurrency market right now as digital currency prices seem to be falling all over the world. The current drop in cryptocurrency prices is quite unique. This is not a fall limited to Bitcoin or any other popular digital currency. All these currencies fall in value at the same time. Although there are usually some intermediate increases during the day, the closing price is usually lower than the opening price.
Coinbase website is down
Coinbase, the largest digital cryptocurrency exchange in the U.S., reportedly collapsed yesterday, along with the decline in prices of digital cryptocurrencies such as Bitcoin. Coinbase said in a statement: “We have discovered some issues with Coinbase and Coinbase Pro, and some features may not work properly. We are currently investigating these issues and will provide an update as soon as possible."
Due to the downtime of Coinbase's website and app, some users have expressed frustration. This is because they consider this period to be a good time to invest. This seems to be a good time as the prices of digital cryptocurrencies are plummeting. As a result, Coinbase's stock price fell 10% in early trading yesterday.
As the world's largest digital cryptocurrency, the price of Bitcoin fell 24% to $25 in 33 hours yesterday, data shows. The price of Ethereum fell by 147% to $37. In addition, the price of Dogecoin also fell by 2227% to 37 cents. With all that, at the time of writing this report, the current price of Bitcoin is around $33, while Ethereum is trading around $39. The current price swings seem to be a good time to invest.
In addition to Coinbase, another trading platform popular with retail investors, “Binance” also announced yesterday morning that it will stop issuing some encrypted digital currencies.
Reminder: Investing in cryptocurrency is risky and you should be careful when entering the market. Investing in digital currency involves greater risks and unpredictability, and this article does not constitute any form of investment encouragement or advice.
