Many first-time investors bought Bitcoin and other cryptocurrencies as they neared all-time highs, and crypto companies spent millions on marketing. Today, they are coping with painful losses.
A hamster named Mr. Goxx enters one of two tunnels in the his cage, which determines whether he will buy or sell. As of Friday, his portfolio is up nearly 20%, according to his Twitter account.
Facebook's plans for a new digital currency have sent Chinese monetary officials scrambling. Since 2014, China's central bank has been looking into launching a cryptocurrency too.
Libra will be controlled by a nonprofit group in which Facebook will share responsibilities with companies ranging from Mastercard and PayPal to Uber and eBay.
Bitcoin is known to be volatile. But recently it has suffered a rash of notable losses. Analysts are looking to the amount of computing power used and the split of a rival cryptocurrency for answers.
Seoul announced that beginning next week, all trading in cryptocurrencies such as Bitcoin and Ether must be traceable. Authorities also say digital currency exchanges in South Korea will be taxed.