The first few Cryptocurrency transactions started in 2009; notable amongst these transactions is the sale of two pizzas at the reasonable price of 10,000 Bitcoin. Things have obviously changed quite a bit since then. In March 2010, one Bitcoin was valued under 0.003 USD, and about one year later, in July 2011, the value of one Bitcoin reached 31 USD, increasing over 10,000 times in value. The growth the Cryptocurrency economy experienced during the second half of 2017 was significant, to say the least. It is also important to note that this was not the first such instance of growth that this market has experienced since its beginning. You might think, looking at the current market price that it would have been a great investment back then; however, this story has not been one of uninterrupted triumph and profit. Four months after Bitcoin had reached its peak of 31 USD, it had lost over 90% of its value, collapsing back to $2. In 2017, we saw the price of one Bitcoin increase from
Today, July 27, 2018, cryptocurrency markets have taken a sharp downturn. All of the top ten coins by market cap recorded losses, with Bitcoin dipping back down below 8000 USD. At the time of this writing, Bitcoin is down 4.07% from yesterday's levels. Below you can see the market reaction we observed today. The breaking news that the Winklevoss Twins' application for an exchange-traded fund (ETF) on Bitcoin was rejected yesterday for the second time by the U.S. Securities and Exchange Commission. The Winklevoss twins are American rowers and Internet entrepreneurs, Cameron and Tyler Winklevoss, known not only for the role they played in the creation of Facebook but also for being some of the earliest adopters of Bitcoin and owners of one of the biggest exchanges in the U.S. called Gemini. Charlie Shrem (crypto entrepreneur) stated on Twitter yesterday that the SEC’s second rejection of the Winklevoss Bitcoin ETF it is in some sense “old news.” He predicted that an