Investing in cryptocurrencies such as Bitcoin is a risky business. The market is volatile and its not for the feint of heart. While the entire world keeps talking about how Bitcoin reached the $18,000 milestone, more and more people start investing without considering that the market can crash at given time.
Bitcoin Value Goes Down by $1,000
This is exactly what happened at 4:30 p.m. ET on Tuesday. Bitcoin was valued at $17,929 and then it went down to $16,912 in only one hour. We think it’s safe to say that Tuesday was a rough day for stock traders who put all their eggs in the cryptocurrency basket.
We should also mention that the US Securities and Exchange Commission decided to temporarily suspend share trading in the Cypto Company. The reason why this is happening is because the US Securities and Exchange Commission doesn’t want there to be any stock manipulation.
Bitcoin Rival Value Grows by 24.5 Percent
While Bitcoin investors were dealing with the bad news, Bitcoin’s rival currency went up. We are talking about Bitcoin cash and its 24.5 percent surge. This surge means that Bitcoin cash is now valued at $2,735.58.
Cryptocurrency Storage Companies Start Adding Bitcoin Cash Support
Seeing how Bitcoin cash is growing while Bitcoin is going down, numerous cryptocurrency storage companies started adding support for it. Two of these companies are BitPay and Blockchain who guaranteed that their storage services will support Bitcoin cash by January.
Nonetheless, the cryptocurrency market is impossible to predict and Bitcoin investors should keep their eyes peeled at the statistics because the digital currency might rise once again and even hit the $20,000 milestone. However, investors who are not willing to take that risk should consider right now as the best opportunity to get their money out.