The price of Bitcoin fell from $13,000 to $10,064 before bouncing back up to $11,700. While finding support at the 10k mark is a positive sign, the downward move may not be over, as the price has once again dipped below 11k.
It isn't just Bitcoin that has taken a hit. Ninety-eight of the top 100 cryptocurrencies listed on CoinMarketCap.com have fallen in the past 24 hours. The cause of this downtrend is unclear, however, there are suggestions that speculation about possible crypto related government regulations in China and Korea has spooked investors.
Bitcoin's history is filled with significant falls in price, yet every time it has recovered and gone on to reach new highs. Keep this in mind if you're considering selling your Bitcoin. Think long term and never panic sell.
I personally, would not be surprised to see a further fall of 2k to 2.5k, which may be a good buying opportunity. Again, this is a volatile market, so whatever the situation, only invest what you can afford to lose.
My belief in the long term future of Bitcoin has not changed — Bitcoin to the Moon!
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
Like what you've read?
Please consider leaving a tip at 14UFE26Cs8v5fKS7XR9cipdijA3W23LTQu or scan the QR code above. You can also subscribe to keep up to date with the latest posts. Thanks very much :)