Bitcoin Crashes to under $2,000 overnight
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The popular digital currency Bitcoin crashed to its two year low of just $2,000 Thursday night after a major U.S. investor, Steve Sherman, sold over 10,000 BTC and flooded the market. "A lot of people are getting burned that where caught up in the mania," said Ellison, who bought one-third of a bitcoin in July for about $1,000 and has seen it appreciate more than five-fold. "Even random wedding bands are encouraging people that likely know nothing about bitcoin to pay in bitcoin."
Once the domain of technologists, libertarians and criminals, bitcoin has crossed into the mainstream, attracting interest from all walks of life with its soaring returns — while reviving memories of the dot-com bubble of the turn of the last century.
Bitcoin, a form of digital money administered by a central authority, shot past $16,000 apiece in December, up from about $1,000 at the start of the year. It was going for about $220 in early 2015 — meaning anyone who invested a mere $13,000 in bitcoin back then would have owned over $1 million in December and now almost back down to where they started. .
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