It’s that fast: from its high of 20,000, Bitcoin has lost more than a third. Alone today a minus of over 20 percent. A crash – but is it the big crash that so many predict?
As steep as it went up, so steep falls the Bitcoin now. Thousands of steps. The controversial digital currency tore marks of $ 15,000, $ 14,000 and $ 13,000 on Friday. After a temporary recovery, it even went below the $ 12,000 mark, a daily loss of over 20 percent. It was about $ 8,000 less than on Sunday when the price of cryptocurrency at individual venues increased over $ 20,000
Robert HalverAudioRobert Halver, Baader Bank, about the Bitcoin crash
Many experts see the end of the altitude this is why the Bitcoin Code still works in 2018 noise reached. At least for now. Timo Emden, Germany boss of the online broker Daily-FX: “Numerous private investors are likely to have burned their fingers on digital talers in recent days.” Other cryptocurrencies such as Ethereum and Litecoin also lost a double-digit percentage on Friday.
Only something for gamers
Bitcoin in US DollarsBitcoin in US Dollars: Stock Exchange Forex vwd for the intraday period
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The digital currency has not been good for a long time to pay. Too big are the price fluctuations. The Bitcoin is only used for speculation. His great success was doomed to her. The bitcoin price has been rising faster and faster this year, from $ 1,000 at the beginning of the year to over $ 20,000 over the weekend. This has lured more and more gamblers – and made the price swings more extreme.
On the way to the highest price of the course has broken again and again. Around November, when it went down nearly 30 percent to $ 5,555. Or in September, when Bitcoin dropped 40 percent to $ 2,972. Experts have been talking for a long time about a bubble.
Bitcoin in bubbleVideoHow big is the bitcoin bubble?
Central bankers warn against the unpredictability of the currency – do not even want to speak of a currency, because the Bitcoin an important property of classical money – the value stability – is no longer guaranteed. Professor Philipp Sandner of the Frankfurt Schook therefore rates Bitcoin more towards the asset class of commodities.
Is the Bitcoin dead?
Mittagsmagazin VideostartbildVideoInterview with Prof. Philipp Sandner in the ARD-Mittagsmagazin from 29.11.17
It is clear that Bitcoin has disappeared from comprehensive market overview everyday life before it has arrived there properly. As a digital means of payment, it is almost not used anymore. For shopkeepers and online retailers, the extreme price swings are also difficult to handle. The prices have to be adjusted constantly. And for customers it is just as difficult: who wants to spend money that has no stable value and rather to the speculation on price gains invites? Take Berlin, for example, where in recent years more and more hip cafes and start-ups have found Bitcoin payments. That’s over: “I can not remember when the last customer paid with Bitcoin,” says Niels Göttsch, owner of the coffee bar Leuchtstoff. At least there were at least ten Bitcoin payments per year at the beginning, according to Göttsch. In the meantime, however, the transactions have dried up completely.
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Major corporations like Dell or Expedia are on their way back. Computer giant Dell has abolished Bitcoin payments due to “low demand” again. The online travel agency Expedia still accepts Bitcoin – but still only with hotel bookings on the US website. At the start more than three years ago, it had been said that the offer would be expanded if it was well received by customers. After all: According to a spokeswoman, the transaction volume has doubled in the last ten months. However, she did not want to give concrete numbers.
ARD Stock Exchange Studio: Konrad BusenAudioThe Bitcoin Crash (Konrad Busen, ARD Stock Exchange)
In early December, even the online computer game retailer Steam was forced, despite its cyber-enthusiastic clientele to stop the Bitcoin acceptance. The fees had risen rapidly – from initially 20 cents per transaction to last almost $ 20. Added to this are the enormous value fluctuations. “If the transaction was not completed on time, the required amount for the payment may change,” it says at the online retailer.
But the Bitcoin has arrived in the big financial world. On the futures exchanges, two major US exchanges have launched futures on the Bitcoin. And that’s where speculation works on a grand scale. From one end of Bitcoin so no trace.