Plenty of experts have warned recently of a cryptocurrency bubble—including financier extraordinaire Warren Buffet himself—and they may be proven right sooner rather than later. Bitcoin’s value dipped to below $10,000 today for the first time since December, and it’s continuing to drop. At last check, the digital currency was around $9,635. A month ago, bitcoin was worth about twice that amount.
As we wrote yesterday, fears of a crypto crackdown in South Korea are driving down the price of a number of currencies—including ethereum and litecoin, in addition to bitcoin. The latter still has its believers, however: Earlier this week, Kay Van-Petersen, the Saxo Bank analyst who predicted bitcoin’s meteoric rise, said the currency could reach $100,000 this year. So we can still hope for a comeback.