BTC wires

Traditional Market Takes Hit, As Crypto Market Declines

Crypto has become a buzzword that can be heard all around in a while. It wouldn’t be new to say that the crypto market keeps on facing ups and downs. A number of organisations which hopped onto the virtual currency bandwagon last year are now stumbling since the cryptocurrency’s substantial market bit the drought this year.

On this note, Bitcoin has lost its value by 70% from its all-time high in December last year. Where Bitcoin has fallen quite a much, other cryptocurrencies are not behind in this saga. Ethereum too has been noticed falling by 85% from its all-time high, Ripple has lost over a whopping 90% of its value by far.

IBM (International Business Machine) was seen making a big push early in 2017. After making a solid gain last year, IBM now has declined over 5% year-to-date.

LBCC (Long Blockchain), in a surprising pivot to the blockchain, famously changed its name from Long Island Iced Tea last December. It has lost over 98% of its stock value from its high.

On Tuesday, the Riot Blockchain’s CEO (another company that made a surprising pivot to the blockchain last year) resigned from his post after the allegations of operating pump-and-dump schemes. The news of his resignation has caused the company’s stock value to dip nearly 5% in Riot stock.

In the comments to Bloomberg, the author of “A History of the United States in Five Crashes,” Scott Nations said that the blockchain craze was “so reminiscent of what happened in the late 1990s … A company that had nothing to do with the internet would put out a press release that they were going to become an internet company now, and the same sort of thing would happen.”

The crypto market is falling continuously this year. What happens in the coming days we are all waiting to see.