The last 24 hours for Bitcoin has been a pretty turbulent (and sleep deprived) ride . We have seen it’s value surpass $10,000 and even reach highs of over $12,000 on some exchanges. However, the inevitable has occurred in the last hour. A massive correction has seen the valuation of Bitcoin tumble to $9300, the value is still unsettled and we may see it drop even further.
Coinbase has of course gone offline as usual due to excessive demand, they appear to not be earning enough in transactions fee’s to sustain working servers in times of need:
The crash was always expected, with so many newcomers to the market an evening sell off always triggers the herd to follow. However, because the $10k psychological barrier has now been broken reaching back to this level will be an easy task.
Bitcoin is still hugely undervalued and its current growth is just a result of public awareness, the market will not stabilize until mass adoption has occurred. This huge volatility is proof that bitcoin is still just a young pup.
Probably a good time to check out your altcoin situation though, some nice gains are likely to be made!