Freefall of Bitcoin to continue, may touch $25,000
Most of the cryptocurrencies have landed in distress as their money are getting into others pocket. An expert said, when any investor loses in the trading , at the same time promoters gain more than their investments. All popular digital currencies are witnessing steep drops with key technical levels in red.
A question is what happened to the cryptocurrency market ,has suffered its worst crash in over a year last week, with leading currencies crashing as much as 30% in 24 hours after a bull run that began late last year took coins such as bitcoin and ethereum to all-time highs. What would be the future looks like for the crypto traders ?
However, an expert says, it is a known problem because the crypto platforms are running at 100% capacity. Solutions to add more capacity and efficiency have been in the works for months and should be operational by year-end. A question arises on is it a good time to invest in CRYPTO ?
If you have invested in the Bitcoin or any cryptocurrency then it is not a golden time to invest, an expert says, Bitcoin can touch to all time low to touch $25,000, so as all the currencies can come much lower than expected. Investors are disappointing week, Bitcoin value crashed to the lowest level in the last three months.
Bitcoin has lost more than 50% of its value in just one month, falling from the peak of $63,346 on April 16, 2021.
The rise of Bitcoin and other cryptocurrencies has gained momentum across the globe and even students started invested from their pocket money they get from their parents. Bitcoin - A Peer to Peer Electronic Cash System' found its way onto the internet in 2008, few would have anticipated it would balloon into the creation of a phenomenon that some believe may come to overhaul the world's entire financial system.
Since Jan. 1, 2021, there have been seven notable price moves on bitcoin’s daily chart trading against the U.S. dollar. Four of these movements have been to the downside (red boxes) with a mean average loss of 25.94%, while the other three have been to the upside (blue boxes) with a mean average gain of 58.36%.
There are many theories on why the crypto bubble bursts, but one is not correlating to other due to not connecting the dots. Let’s assume, if Tesla’s Elon Musk wasn’t enough to create a challenging scenario for Bitcoin, China’s latest move has made the market scenario worst for the world’s largest cryptocurrency by trading value. Just like India, China has instructed all financial institutions and payment companies to refrain from providing services related to cryptocurrencies anymore. The People’s Bank of China – the largest bank in China – has also issued a warning to investors to be highly cautious while investing in cryptocurrencies any further.
Traders and Investors who have recently bought Bitcoins are finding it tough to keep the excitement intact as the constant falling value of Bitcoin is taking the crypto market closer to the panic button. It seems all the projections of financial speculation market goes into drain.
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