US investors who recently sold their Bitcoin suffered losses of nearly $1.7 billion this past year. Many relatively new investors in the cryptocurrency markets suffered considerable losses due to the persistence of the cryptocurrency market downturn at the end of 2017, after Bitcoin peaked at close to $20,000 a few weeks prior.
It appears there is no room for doubt: cryptocurrencies are pretty much worthless! Or at least that is what the markets seem to be showing.
Many things can be said of cryptocurrencies, including that they are an unregulated and unpredictable market. Because of their increase in value over the years, sometimes reaching billions of dollars on the cryptomarket, cryptocurrencies are advertised everywhere, from social media to tube stations.
Despite its significant increase in the last quarter of 2017, the value of Bitcoin has since gone down to $6,600 from its record-breaking $20,000.
The news, which came as a pleasant surprise to those who had mined bitcoin some years ago, reignited the debate of whether or not crypto-currencies were compatible with Islamic laws.