Fear, Uncertainty, and Doubt. These three words are the bane of Bitcoiners’ existence. Cryptocurrency enthusiasts use the acronym FUD to describe any negativity that might be swirling around the market that causes prices to drop. And the FUD was strong this week, when the whole cryptocurrency ecosphere got fucked.
Two major corrections over the last month have caused the price of bitcoin to plummet by 45 percent, and the entire cryptocurrency market has fallen with it. So, has the bubble burst? Probably not just yet. When will it? Nobody knows.
All that’s certain is that people who bought in at the peak of cryptocurrency fervor are currently getting their asses handed to them. Meanwhile, reports of people taking out loans and mortgages for the privilege of getting hosed are more common than ever. Financial outlets are already charting “the rise and fall of Bitcoin,” and on January 15, the normally unflappable loyalists on Reddit were straight up admitting that doomsday had come.
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