Bitcoin slides 8% after topping $2,900 USD during record-breaking surge


avatar Quebex Fintech Inc.
Jun 08, 2017

Bitcoin today saw its first minor correction after its impressive recovery following the crash of two weeks ago which saw the cryptocurrency’s value plummet by 40%.

The price of a single coin is currently sitting at $3631.20 CAD as of 5pm, ET, Wednesday, according to data from CoinDesk – down roughly 8% in 24 hours.

Doomsday ‘bubble’ predictions have been rife in the news today following a series of tweets sent by billionaire businessman Mark Cuban who questioned the legitimacy of bitcoin’s valuation, tossing the word ‘bubble’ around as he did so.












In the tweets, Cuban repeatedly referred to bitcoin as a bubble, arguing that when lots of people are bragging about how easily they are making money with some new thing it’s usually indicative of a bubble which, sooner or later, is doomed to burst.

Another twitter user made the good point that past instances of economic bubbles have always had two things in common: geographical barriers and ‘gatekeepers’; bitcoin is bound by neither as it is decentralized and global in the truest sense of the word.


Of course, only time will tell whether Cuban’s assertions are correct and it should be noted that, although Cuban questioned the valuation of bitcoin itself, he did – as most bitcoin sceptics do – recognize the value and importance of blockchain technology in the future of finance.

The biggest problem with the bitcoin debate is nobody quite knows what it is yet; yes, more and more online stores are opting to accept bitcoin as payment which strengthens the legitimacy of the coin as a straight currency but, at the same time, how can it be wise to buy and sell goods using a currency prone to such volatile fluctuation?

Bitcoin has been the world’s best-performing every year since 2010, excluding 2014, and has grown 172% in 2017 alone; the market cap for all cryptocurrencies is a little under $100 billion USD (roughly $1.35 billion CAD) with bitcoin accounting for 45% of that number.