Bitcoin falls about 20% in just two weeks

in hive-138458 •  2 months ago 

Prices of the most expensive cryptocurrency of the world “ Bitcoin ” have crashed up to about 20% in less than two weeks, proving that major crypto volatility is investing.

image.png

Image source

But in the Bitcoin world, it is a business as usual with bullish uncertainty - unlike traditional markets where the movement of this scale is met with an alarm. The biggest cryptocurrency exchange rate fell 0.5% to about $ 57,280 at the start of a London trade on Friday, the sixth day of the downturn.

"The fix for Bitcoin is not a big deal," wrote Craig Erlam, a major market analyst at Oanda.
While the $ 50,000 break could "represent a major overhaul from higher ground, it will still be small considering how far it has come in recent months."

  • Some analysts say sharp reversals are common after prices rose by 40% in October. Violations of China’s crypto laws and new US tax reporting provisions that are considered unfriendly to crypto investors have also been sour.

  • “During the 2016/17 winter Bitcoin, the thing that really blew up the crypto sails was when interest rates went up and money flows down the system,” said Jamie Cox, a financial adviser and executive partner at Harris Financial Group.

A change in price by 20% or more is not uncommon among securities. After hitting a record of nearly $ 65,000 in early April, Bitcoin dropped more than 50% by the end of June before rising again. After hitting about $ 53,000 in early September, it dropped by about 25% over the next few weeks.

The digital assets Aficionados are used for high volatility and can often be intimidated to pull back. They often view Bitcoin as a modern store of value and a hedge of inflation, although such controversies are controversial.

Thank you so much for reading ...

Warm regards,
@Winy

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!