Is the bitcoin craze finally coming to a close?
The price of the cryptocurrency fell sharply on Friday, losing about 30 percent of its value and falling to below $11,000 at one point, according to CoinDesk’s Bitcoin Price Index. The value has bounced back since the dramatic plunge and sits at a shade above $13,000 as of 1 p.m. EST on Friday, but the dramatic fall has many bitcoin investors—and social media commentators—concerned. The news seems to suggest bitcoin's bubble may be ready to burst, and reactions to the plunge on Friday have ranged from "Told you so!" to "OMFG, I'm about to lose my life savings!"
But many experts aren’t worried. "It’s hard to see the bell tolling just yet," ETX Capital senior market analyst Neil Wilson told The Independent. "Large price swings have become so normal that it’s hard to decide—we can easily see this market bounce back in very short order."
Dave Chapman, managing director of a cryptocurrency trading platform in Hong Kong called Octagon Strategy, echoed those sentiments for CNN Money. "A correction like we are witnessing today is hardly surprising," he said.
For now, the bottom hasn't fallen out on bitcoin. But there are plenty of nervous people out there who are definitely going to be glued to their smartphones this Christmas keeping an eye on the price of it.