Investors of Cryptocurrency lose thousands of dollars
August 23, 2018 5:31 am,
The value of the Bitcoin went from down to $4,353, in October 2017, to up till $13,860, in December 2017. As a result, the US largest cryptocurrency brokerage Coinbase doubled customers during the period.
However, over the course of time, several contributing factors hit cryptocurrency markets and the value of Bitcoin fell to $6,926, in March 2018, as of August 20 it was trading at $6,265. The value of the market has fallen by about 75 percent ($600 billion) since January 2018.
According to a report in the local newspaper, an investor from the UK, Pete Roberts said that he use his savings to invest in cryptocurrency totaling $23,000 into different cryptocurrency during last winter surge, which is now worth just $4,000. He said that his ambitions of making a quick money led him to financial ruin.
Pete Roberts is not the only investor they are many more investors who have seen this fate. Asian countries like South Korea and Japan have been particularly hit as there was hardly an activity in their cryptocurrency markets before the surge. As the value of the Bitcoin was climbing up fast, thousands of people invested their savings in the digital currency to gain more profits but failed to do so.
Kim Hyon-Jeong a japan investor is believed to have invested $90,000, which she gathered together from her savings, an insurance policy, and a loan. Since then, the value of her investments has fallen by 90%.
Majority of these investors think and said that their ire lies with smaller digital currencies, which sold tokens through Initial Coin Offerings (ICOs). Most of the companies failed to deliver their promises made or else there were exposed to scams, making their tokens worthless. Still, there are thousands of investors who are holding their coins in the hope that the constant rise and fall will change and prices of the digital currency would rise.
Tony Yoo, a financial analyst based in Los Angeles, invested about $100,000 in cryptocurrency last year, the value of which declined by 70 percent at its lowest point. Tony Yoo is optimistic and said that many of these companies are perfecting their software and technology, roping in serious engineers to deliver better services to investors. He is planning and willing to invest more money in digital money, as prices are extremely low now. Most of these investors had still hold on Bitcoins and are still holding as they had first invested in the technology in 2013 when it crossed $1,000. In spite of the recent fall, the value of a Bitcoin is around $6,500, which is over 500% than its price of 2013.