The market hype for cryptocurrencies was at an all time high toward the end of 2017, with thousands of interested investors hopping onto the bandwagon. All of these investors had the same idea, and that was high returns.

Bitcoin had gone up a ridiculous amount and many stories had come out about the people who made hundreds of thousands of dollars off of their investments. People were trying to get in on those returns, but it all went wrong. Many investors who hopped on the train late have seen immense losses on their investments and are wondering what all went wrong, with Bitcoin being down almost 75% to $8,200. Why is the cryptocurrency market down so much in 2018? An article I read states that the the decrease in the price of Bitcoin is a result of the investment bubble bursting.

On the bright side, many sources claim that the technology backing up the blockchain and cryptocurrencies will remain strong and will boost the prices of the coins back into positive territory for 2018. Being an investor in a couple different cryptos, I hope that these sources are correct.

Why is Bitcoin’s price down to two-month lows?

On February 21, 2018, Kylie Jenner sent out a tweet that shocked the world of social media. The tweet was probably one of the worst things to happen to the company Snap so far this year. Perhaps the most popular character in pop culture today, Kylie Jenner has a big impact on what a lot of young Americans think. Her voice is heard by millions upon millions through social media platforms like Twitter, Instagram, and formerly Snapchat. Recently, Jenner must have decided that she does not like Snapchat. Jenner tweeted “soo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.”

In recent trading the company that owns Snapchat, Snap, has declined more than 8%. Of course, there might be some other reasons as to why the stock has dropped like the recent update that has many users up in arms. Still, a negative tweet from one of the most noteworthy celebrities in the U.S and a frequent user of the Snapchat app with upwards of a million followers must have had an impact on the stock’s decline. Jenner’s initial tweet about Snapchat has racked up 45,000 retweets and over 255,000 likes, which means no small sum of people have seen the tweet.

Personally, I think it is pretty crazy that one person, even if she is a massive social media presence, can have such an impact on people’s opinions. Just because Kylie Jenner said she stopped using Snapchat, the Snap stock declined 8%. Just because one person said that she thinks an app is not as “cool” as it was before, people change their opinions immediately.

All in all, the Snapchat update turned out very poorly for Snap. Kylie Jenner’s frustration and many other factors played into the stock’s decline. Hopefully the company can overcome their problems and make Snapchat great again!

February 25 2018

https://www.usatoday.com/story/tech/2018/02/22/kylie-jenner-sends-snap-stock-tumbling-tweet/364035002/