The currency is in a tailspin, but it’s still in a great place.
The market cap is now $14.8 billion.
Bitcoin has been riding high for more than a year, but its price has fallen from $15,500 to around $8,500.
Bitcoin, which has been the darling of tech investors for the past year, has been on a steep downward spiral.
This is an excerpt from the book Bitcoin: The Untold Story by James Surowiecki.
Buy a copy of the book here.
GST PST: The current exchange rate on the Korean Won currency has fallen to around 7,500, or around 7.8 percent.
This means that South Korea’s government has to spend roughly $2.5 billion to support the economy.
The current price on South Korea is also very close to that of its rival China.
The two countries are still in their third year of trade and it is unclear whether South Korea will be able to sustain the growth it has achieved in recent years.