Why Has the Value of Bitcoin Plummeted in Recent Days?

The popular digital currency Bitcoin has been on the rise in terms of value and popularity over the last few years and it continues to gain popularity in the world of e-commerce. It’s not all rosy for Bitcoin owners right now though, as the popular digital currency has seen a massive drop in price over the last few days. Experts believe the sudden drop was because of a price correction and bitcoin owners will be hoping that’s the case so that it continues to rise in the future. However, other experts believe the drop would suggest there is a resistance in price and it’s not going to grow much in the future.

The Value of Bitcoin Has Reached an All-Time High in Recent Weeks

It was only two weeks back when Bitcoin was valued at over $2,700– giving it an all-time high in value. However, due to the price correction, Bitcoin has seen a drop in its value of more than $500 in just four days.

Bitcoin Has Dropped in Value by Nearly $4 Billion

In recent months, Bitcoin has seen a further surge in value, which has seen investors push more funds into the popular digital currency platform. However, in recent days the value of Bitcoin has plummeted – so much so that the overall value of Bitcoin dropped from $40.49 billion to $37.08 billion. If you’ve obtained an online MSIA degree via an online information assurance program, you will already know how Bitcoin works and why so many investors are trading in the market, but the recent drop in value has scared a lot of other investors off and no-one is quite certain what the future holds for the digital currency’s owners.

The Value of Bitcoin Is Set to Increase in the Coming Weeks

Bitcoin experts believe the recent drop in value was due to a correction and they expect the value to increase over the coming weeks and months. Investors will be hoping this is the case and that the popular digital currency will build on its failures in recent days and become stronger in value in the coming weeks.

Other Experts Believe $2800 Could Be the Highest Possible Value of Bitcoin

Nicola Duke, who currently works as an analyst for Forex, has reported to the media that $2,800 could be the highest possible value of Bitcoin before it drops. Nicola stated in her report that $2,800 could set the highest level of resistance before Bitcoin starts to pull back and other experts in the market have backed her. If this is true, then Bitcoin owners will want to get rid of it sooner rather than later, and that could ultimately bring the price of Bitcoin down even further.

Whether Bitcoin is truly having problems in terms of value or the drop happened because of the price correction remains to be seen, but Bitcoin owners will be paying close attention to see what happens in the coming weeks and they will be hoping it was because of a simple error.

Image by Simon Pixabay

 


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