Bitcoin takes big plunge this year after reaching record highs in 2021

By May 12, 2022Bitcoin Business
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FILE - This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah. The Mt. Gox bitcoin exchange in Tokyo is headed for liquidation after a court rejected its bankruptcy protection application. Mt. Gox said Wednesday, April 16, 2014, the Tokyo District Court decided the company, which was a trading platform and storehouse for the bitcoin virtual currency, would not be able to resurrect itself under a business rehabilitation process filed for in February. (AP Photo/Rick Bowmer, File)

WEST PALM BEACH, Fla. — The cryptocurrency crash is currently separating faithful followers from ambitious investors.

Bitcoin — crypto's most stable coin — has dropped substantially from its highest value of $67,000 in November 2021.

Bitcoin plunged to $25,000 Thursday but had rebounded to more than $28,000 by the afternoon.

Cryptocurrency's volatility has been something that financial experts have warned about for many years.

The digital coins do not follow any stock market trends, but experts said this drop was expected in the currency's cycles.

It also comes at a time when markets were hit by the latest U.S. inflation data.

"You have inflation. You have a potential recession. You have negative GDP," Many Worlds developer Steve Bumbera. "You have a lot of global economic issues. It feels like money is safe nowhere right now."

Bumbera helps companies figure out how to bridge business operations in the real finance world and the crypto world.

He said this latest crash of cryptocurrencies was expected.

"Everyone should question why they are investing in anything in the first place. If you believe crypto is going to change the world, if you think that the chains and the coins that you're investing and are accumulating are going to make positive changes in the coming years, then this is an opportunity," Bumbera said. "If you were just trying to make some money playing the volatility of the crypto market, well that's on you. That's the risk of trading."

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