The prices of Bitcoin has plunged to the lowest point for cryptocurrencies thus far in 2018, dipping even below the year’s previous low of $5,967.
The price of Bitcoin slumped to $5,755 on Sunday afternoon. The prices of Bitcoin had fallen to $5,800 in November 2017.
This plunge further reflects the declining interest of people in the digital currencies. However, Bitcoins have shown signs of recovery as they have gained some value.
Has Bitcoin lost its Buzz?
For years, experts have discussed if the virtual currencies could fulfil all of the promises of digital money, but it wouldn’t be one of the first generation “coins”.
Many believe that new digital currencies should take the lead of the crypto space to kindle the hopes of crypto investors.
Could it be a reality? This seems a distant reality as of now.
Alibaba’s Jack Ma calls Bitcoin a bubble
The fin-tech affiliate of e-commerce giant Alibaba launched a joint venture in Hong Kong which uses the blockchain technology for a cross-border remittance service. However, Ma advocated for blockchain but criticized Bitcoin calling it a ‘bubble’.
“The technology isn’t the bubble but Bitcoin likely is,” he said.