Last Friday, the cryptocurrency market suffered an irrational sell-off. An estimated $115 billion worth of different digital coins were wiped off in a single day.
What happened to bitcoin?
In less than 13 hours, the price of bitcoin plunged 15 percent to USD7,700, before bouncing back to the USD9,000 level on Saturday.
As I am writing this, the price of bitcoin continues dropping below the USD8,000 level.
Bad news keeps coming for bitcoin.
First, it was the regulatory crackdown by China, India and South Korea. This was followed by payment processor Stripe’s announcement that it is no longer accepting bitcoin as a payment method. Last week, Facebook banned all advertisements for cryptocurrency. Over the weekend, JP Morgan Chase and Bank of America just banned account holders from buying cryptocurrency using credit cards …