Bitcoin and cryptocurrencies are having a very bad day

TechCrunch | 10/23/2019 | Staff
bethtetleybethtetley (Posted by) Level 4
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The price of Bitcoin and other cryptocurrencies tanked today, continuing a months-long slide that has seen the value of the digital currency slide by more than $2,000 from highs of above $10,000 earlier in the year.

Investors are still speculating about the cause of the crash, but hopeful cryptocurrency bulls before today had hoped that $8,000 would be the new floor for Bitcoin.

Price - Bitcoin - Day

No longer. Today the price of Bitcoin dropped to $7,448.75, down from around $8,000 earlier in the day.

Investors aren’t sure what’s behind the crash, but Bitcoin’s commentariat pointed to two likely culprits.

Performance - Facebook - Executive - Mark - Zuckerberg

One was the underwhelming performance of Facebook’s chief executive Mark Zuckerberg in testimony before Congress on the Libra cryptocurrency that his company is leading the charge to create.

However, an underwhelming performance from Zuckerberg and the potential fate of Libra, which cryptocurrency purists have scoffed at anyway, may be less concerning for the Bitcoin crowd than developments happening in Google’s quantum computing research labs around the world.

Today - Google - Dominance - Problem - Quantum

Earlier today, Google declared quantum dominance, indicating that it had solved a problem using quantum computing that a supercomputer would have taken years to solve. That’s great news for theoretical physicists and quantum computing aficionados, but less good for investors...
(Excerpt) Read more at: TechCrunch
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