It’s been a bad year for anyone investing in cryptocurrency like Bitcoin, with multiple crypto crashes plummeting token values. However, the situation might be getting even worse.
As if the recent crash wasn’t bad enough, investors might be abandoning ship, leading to a massive drop. But why is everyone dropping crypto
Bitcoin’s worth continues to diminish
According to a report from Bloomberg, 60% of investors think that the value of Bitcoin will drop by half. This means that the coin and only be worth $10,000 compared to its current worth of about $20,000.
This valuation is already a disappointing number when compared to previous years. At one point, the cryptocurrency reached $68,000, a collosal valuation. The fact that I t can drop even lower than it already has is simply more bad news for cryptocurrency investors.
While 60% of the investors think Bitcoin is going to continue this downward spiral, 40% do think that Bitcoin can at least go back to $30,000. Only time will tell if that actually happens as the current state of cryptocurrency isn’t good.
Bitcoin aside, cryptocurrency itself seems to be going through a major down period and investors aren’t sure if things are going to get any better.
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Is crypto finished?
Considering how bad things have gone for everything crypto, many are wondering if it’s a downhill slope from here. In addition to numerous currencies going down, NFTs are also in a worse place than previously, with many investors no longer seeing the appeal of investing in them.
Despite how things are looking for Bitcoin and everything crypto, there’s a good chance that this form of currency is going to survive somehow. Snoop Dogg even thinks that the current crash will weed out people who were abusing their cryptocurrency privilege, not bringing up how it has hurt people and even made them hurt themselves.