The Verify team spoke with cryptocurrency experts about the recent drop in prices, as Bitcoin fell from as high as $60,000 per coin to as low as $30,000 each.
WASHINGTON — Owners of cryptocurrency like Bitcoin have been on a rollercoaster over the last couple of months. After spiking to as high as $60,000 per coin, Bitcoin saw its prices drop to as low as $30,000 per coin in mid-May. Similar drops happened with other cryptocurrencies, like Ethereum and Dogecoin.
The prices have since recovered slightly, but it has triggered a lot of questions online about how these major ups and downs are possible. The Verify team spoke with the experts to find out.
THE QUESTION
Why did cryptocurrency, such as Bitcoin, drop so suddenly on Wednesday, May 19?
THE SOURCES
- James Angel, Associate Professor at Georgetown University’s McDonough School of Business, specializing in market structure and regulation of global financial markets
- Will Cong, Associate Professor at Cornell’s SC Johnson College of Business; Faculty Director of the FinTech at Cornell Initiative
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