Bitcoin Rollercoaster Hits 11,500$ Before Crash to 9,000$!
What a ride it's been the past week, yesterday Bitcoin passed the $11,000 mark only to shock and frighten new investors by dropping more than 20% in a period of wild trading since it reached it's new all time high.
Bitcoin is now around $9,150, down sharply from the record $11,434 (£8,500) it hit on Wednesday. At its peak, Bitcoin had increased by 1,000% from the $1,000 value at which it started the year.
On Wednesday, a Bank of England deputy governor warned "investors should do their homework" on Bitcoin.Unlike traditional currencies, Bitcoin is not issued by a central bank or government.
Clearly the FUD is picking up around Bitcoin. If you are a new investor who bought at an all time high, I would advise to just hold for a while. Bitcoin gains in cycles and due to its finite nature and global adoption as a digital store of value, prices will most likely continue to increase from here. Although I'll be the first to admit that I don't have a crystal ball, I've watched it trade all year and dropping 20% in a single day is typical for BTC.
Check this chart out:
After an all time high, its normal to see BTC take a dip only to push even higher after it finds it's floor!
The Bitcoin rollercoaster can be exciting at times and at other times leave investors in despair, one thing seems almost certain at this point, cryptocurrencies are here to stay and the market is still in its infancy so there are plenty of opportunities to be had as the market continues to develop.
What are your thoughts about this recent move to the clouds for BTC? What can we expect in the coming weeks and months in regard to BTC valuations?
Thanks for reading!
Source:
Bitcoin slides amid rollercoaster ride - BBC News
Image Source:
BBC News
Nice article @techblogger. Bitcoin seems to be complicated to many investors
This dip is very normal!
This dip was needed! I was getting seriously worried how parabolic the chart was going. Happy to have just recently bought more and am ready for the next wave!
That seems like a logical play! I'll be hoping for both of us that its the right one... Not letting go of my crypto anytime soon!
bleeding day, and a lot of fomo near $11,000
Fomo + new investors makes for a lot of volatility! Lets hope everyone comes out of it smelling like roses eh?
I would be scared to ride sucha rolla costa, as it has some deep drops! Maybe I'll buy some on the weekend, as I expect the price to keep going down before Monday.
It always comes back, my friend.
thank you for your tech blog
Yeah! it's 9312.35 on CoinDesk right now!
it was about time it dropped. soon we'll see new heights. we just need a break
really bad news for us..We are steemer and we need more bitcoin rate..But all of goes to share market..
Incredible.... what a ride