The value of Bitcoin (BTC) significantly fell between an agitated sale after the news about Chinese Government and Lloyd’s bank would ban buying BTC. Bitcoin has seen a huge fall in recent days, dropping below $6,000 for the first time since mid-November 2017.
On Wednesday, BTC was trading above the $7,500 level with the crypto market stabilizing. Some experts say that Bitcoin is going to hit $50,000 by the end of this year. Approximately one million people are waiting to trade Bitcoin. The cryptocurrency exchange firms had over one million people application to sign up for “early and easy access” to trade digital coins at no-cost. A crypto trend analyst Mr. Ronnie Moas said that Bitcoin’s price can reach up to $100,000 if it maintains its current share in the market.
Bitcoin Market to Rise Or Crash
After many ups and downs, Bitcoin had lost approximately 70% of its market value this week but still its followers are saying that BTC is more stable than government backed currencies. However, it has been very volatile and has fourfold in value in the last nine months to more than $5,000.
Bitcoin’s price fell below $6,000 for the first time in 2018 as China signaled that it would block access to cryptocurrency trading markets. Later on they denied this fact and said that it was a fake/hacked email which was generated and sent to US on behalf of People’s Bank of China. There will be a clear press briefing on this matter on 14 February 2018 in Beijing.
Price of Bitcoin rose by 900% last year, although it was the best-investment asset of 2017. This year it has proven to be a bad investment with more than 70% fall since the beginning of 2018.
It allows people to bypass banks and traditional ways of payments for goods and services. For most of the year 2018 has been an absolute crypto-omnishambles after regulatory threats from South Korea, a $500m hack in Japan, electricity use concerns in China and ban on Facebook.
Bitcoin has managed to get it’s buyers back and therefore recovering at a good pace. This slump leaves you with a big question – Bitcoin will remain the gem of cryptocurrency world or very soon it will loose its shine along with investor’s money?