In October 2017, the value of Bitcoin increased to $4,353 and by December it tripled to $13,860 making it the largest cryptocurrency brokerage coin base. However over the course of time, several contributing factors hit the cryptocurrency market and the value of Bitcoin fell to $6,926 in March 2018, and by 20th August it was trading at $6,265. The value of the market has fallen by about 75% ($600 billion) since January 2018.
According to reports from the Times, an investor from the United Kingdom, Pete Roberts said he used his savings to invest in cryptocurrency totalling to about $23,000 during the 2017 December surge, which is now worth just $4,000. He revealed that his ambitions of making quick money led him to financial ruin.
Pete Roberts is not the only investor who suffered this fate. Many more investors in Asian countries like South Korea and Japan have felt the sting of the drop in the value of bitcoin as there was hardly any activity in their cryptocurrency markets before the surge.
As the value of the Bitcoin skyrocketed, thousands of people invested their savings in the digital currency to gain more profits but it has currently failed to do so.
Majority of these investors said that their frustration and anger lay with the smaller digital currencies, which sold tokens through Initial Coin Offerings (ICOs). Most of the companies failed to deliver the promises made.
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.
Many are optimistic stating that these digital currency companies are perfecting their software and technology, roping in serious engineers to deliver better services to investors and are willing to invest more money in digital money as prices are extremely low at the moment.
In spite of the recent fall, the value of a Bitcoin is around $6,500, which is over 500% than its price of 2013.