Bitcoin’s volatility is hard to gauge. Minor spikes and dips happen all the time, and what cryptocurrency enthusiasts consider to be minor are catastrophic and atmospheric bounces to traditional stocks and bonds. But when the shit hits the fan it really distributes the proceeds widely, as we saw earlier this month as the effects of the coronavirus caused a monumental dive in Bitcoin’s fortunes. Since then, though, it’s been in recovery. First in drips and drabs, and then occasionally in large 10% bounces and finally to where we are today, with Bitcoin’s price resting at roughly between $9,000 and $9,500, which is up from its lowest point three weeks ago at $6,773.20.
All the focus so far has been on Bitcoin’s price cratering earlier this week due to the coronavirus, and the fates of bitcoin dependent companies. Naturally, as bitcoin goes so do the altcoins, with most of the charts of the decentralized altcoins showing the same stark decline as Bitcoin. They’re nearly identical in shape with only the values changed to reflect the various cap sizes and prices, so there’s no need to post all five.
Bigg Digital Assets (BIGG.C) subsidiary Blockchain Intelligence Group signed a three-year, $350,000, deal with a European-based virtual currency wallet provider for the company’s BitRank and QLUE programs today.
One of the largest roadblocks towards gaining widespread acceptance for cryptocurrencies of all stripes as asset classes is their complexity, and their lack of transparency. Government’s literally have no way of tracking their movements, which is great for the privacy of the average citizen, but also great for organized crime.