|Jan 19, 2018 12:08 AM||By: Guest Author | 11467 Views|
With Bitcoin dropping 50 percent of its latest value in short below a month, those firms who vocally criticized the wave on the up are now feeling the shock drop regarding the loss of their market value.
Organizations such as Overstock, which has some of its fortunes barred up in the digital currency, as well as Square Payments, which stated plans to allow for some Bitcoin buying and selling, have been hit hard by this collision.
Taking a whipping
While the numbers being followed by these Bitcoin-backing firms are zilch compared to the actual losses being experienced by the cryptocurrencies, they are immediately correlated.
Square showed a loss of five percent or $90 mln, this week as the organization which is led by Twitter’s CEO Jack Dorsey finished with a value of $15.1 bln.
Overstock, a longtime fan of Bitcoin reaching back to 2014, fell 11 percent ending with a value of $1.8 bln thanks to the approximately $200 mln loss.
This latest fall in the crypto market has been put down to the change emanating from Korea with their clear bank of cryptocurrencies on the cards. This demand from regulators also adds teeth to the concerns in dealing with cryptocurrencies in major organizations.
There are also situations where organizations who have tried to jump on the Bitcoin and Blockchain bandwagon have found that the wagon is currently in the shop for servicing.
A number of organizations have changed their focus, intelligence or simply their name, to profit from the hype and mania around cryptocurrencies. However, the other, rough, side to this ecosystem is the violent volatility that needs to be stomached.
Kodak, possibly better known for their cameras, fell eight percent. The company has stated plans to offer a cryptocurrency known as KodakCoin at the end of the month, initially sending shares up 60 percent on the day of the announcement.
Shares of Riot Blockchain, once a biotech firm dubbed Bioptix, dropped 17 percent Tuesday, even shares of Long Blockchain, once Long Island Iced Tea, dropped two percent.
While the bitcoin future, as it always is, is far for the crypto ecosystem, there are different lessons to be seen and learned in this latest Bitcoin ‘death.’ Bitcoin has been dead and defeated countless times as its volatile nature is too much for some to take, giving them fleeing.
However, it has conferred stronger and stronger protection and ability to jump back over the years and the crashes. Something that companies that are facing unique dips will need to be aware of.
Bitcoin believer Max Keiser describes these movements in a graph he tweeted:
This pattern will repeat all the way to Bitcoin $100,000 and beyond... pic.twitter.com/o9Wj4reBtv— Max Keiser (@maxkeiser) 2 June 2017