Cryptocurrency Crazy – Did I say they were volatile?
17th June 2022
When I wrote this article last week looking at the pros and cons of cryptocurrencies, I had no idea of what was about to happen. Here’s a few headlines:
A bitcoin was valued at $30,511 on Thursday 9th June. One week later, on Thursday 17 June it is worth $17,084. That is a drop in value of 44% in one week!
Two of the major cryptocurrency exchanges, Coinbase and BlockFi are making thousands of people redundant due to the volatility of the market.
Binance and many other crypto exchanges are halting both deposits and withdrawals as they run out of liquidity.
While this situation may stabilise in due course, there are likely to be casualties on the way to recovery. Arguably in an oversupplied (over 10,000 active cryptocurrencies) and unregulated market, some consolidation was probably necessary. Unfortunately, the biggest losers in this situation are going to be investors as they will have no recourse to access their money.
On re-reading the article and looking at the Pros and Cons of cryptocurrencies, I think I would now place even greater emphasis on the word volatility!
If you are interested in learning about what makes RobMac different and think that we can help, then please get in touch. If you would like to discuss your financial position or mortgage further, you can arrange to meet with one of our financial advisers. You can call us on 0131 226 6700.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.