Just as many had suspected, Bitcoin saw it's first major crash today that means the previously growing bubble has just popped. The last we reported on the value of Bitcoin was when it passed 17K and it reportedly passed 20K on other exchange platforms. Due to the recent crash, the value of the coin now sits just at 12K.
Other cryptocurrencies to plunge are Ethereum (down 20%), Bitcoin Cash (down 30%) and Litecoin (down 21%).
The cause of this sudden and dramatic crash is not known, but it may have something to do with the recent discovery that half of all Bitcoin exchanges are conducted through illegal business. We recently reported that Austrailian researchers proved that these illegal dealings surround the trades of illegal goods and services such as weapons, drugs and pirated software.
"...This sort of illegal activity risks stunting the adoption of this technology and limiting the potential benefits to society,” Talis Putnins, Professor at the University of Technology Sydney previously told Business Insider. “A lot of people think bitcoin is highly anonymous and untraceable, that it is outside the view of regulators and authorities, but once you start digging into it it’s surprising how much sense you can make of it."