So, the price of Bitcoin continues to Plummet? Whether you are a big fan of digital currency or leery of the whole crypto scene, this week’s market activity has your attention. The rise and fall and rise again of Bitcoin (BTC) have been a captivating news story all year long. It all started with an incredible climb to nearly $20,000 in 2017 following a complete bottom out the following year.
Down to levels in the low 3000’s, BTC’s rebound started early in 2019. The rally picked up steam throughout the spring behind a horde of crypto bulls. Values exploded in the wake of Facebook’s planned entry into the market. Values peaked above the $13,000 level before reality set in.
With a wave of negative press, the first major correction took place last weekend. BTC values dropped 11 percent with prices closing below $10,000. The downward trend continued into early trading this week to drive that price to the mid-$9,000’s. The big question on crypto investors’ minds is where do we go from here.
The crypto news site ArmyOfBitcoin.com, weighs in on the matter in a mid-week post. The bears call this an expected adjustment and the bulls see things like a slight downturn before another climb. The best-guess consensus is that BTC can no longer hold levels at $10,000. A loss of 30 percent in one week is not a minor backtrack to future growth. Some industry analysts project another 20 percent in declines before things start to level off.
However, the post at News BTC pointed out that there have been eight different corrections of 30 percent or more with bitcoin values in past trading. The first occurred in 2017 before values climbed to all-time highs.
The main concern this time around is the reaction to Facebook’s planned rollout of Libra as its own coin.
Ultimately, this has caught the attention of lawmakers in Washington, DC, as well as the financial world in New York City. While the bulls see this as a validation of digital currency, the bears believe it exposes the inherent problems with BTC as a thing of value. Investors and the crypto market will eventually decide which side of the bitcoin will win out.
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