Depressing week for bitcoin investors
|By Sander van der Wel from Netherlands (Depressed Uploaded by russavia) [CC-BY-SA-2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons|
The Chinese government continues to exert negative influence on the Chinese bitcoin market with additional regulations. This has resulted in a severe drop in bitcoin and other cryptocurrency prices. For those unlucky enough to have bought at $1000, the loss in value is almost 50%.
|By Drawn by User:SKopp, redrawn by User:Denelson83 and User:Zscout370 Recode by cs:User:-xfi- (code), User:Shizhao (colors) [Public domain], via Wikimedia Commons|
The long term prospects for bitcoin as a currency have not been significantly damaged since there are always ways to circumvent government controls and there are many markets that bitcoin can be freely exchanged besides China. This may be another buying opportunity, however, there is obviously tremendous risk with this kind of volatility.