It’s tough out there for cryptocurrency investors. This morning, the price of bitcoin dropped in the double-digit percents–hitting a monthlong low of $11,191.59. Currently the price has risen a bit, to around $12,000, but that’s still a huge drop from yesterday’s $14,094.86.
According to Reuters, this drop was caused due to fear of a cryptocurrency crackdown in South Korea. On the heels of this news and plunge, other cryptocurrencies followed suit. Ethereum’s price fell over 13% and litecoin fell over 14%.
Does this mean a selloff is happening and the bubble is finally bursting? Not everyone thinks so. In fact, some analysts predict that bitcoin’s price will hit $100,000 by the end of this year.