The value of bitcoin has become stable above $9,000 after facing a noticeable downfall in past few months. Now the world’s only digital currency has witnessed a rise in price by more than 20%.
The flourishing price of bitcoin in the last year 2017 has already constructed a hype of cryptocurrency, which excited many to jump into this game, the number of other virtual currencies also bloomed under influence of bitcoin’s growth, most notably ethereum.
The volatile cryptocurrency’s price has moved enthusiastically since mid of December 2017, when it touched a record-breaking value of more than $19,850 (£14,214) – while facing lots of fluctuations. It again faced value plummet with start of January and February 2018, because all major banks around the globe have revised the regulations to be more rigorous.
Many economists believe that the main trust issue with cryptocurrencies is their weak fundamentals, this may be the reason it is counted illegal currency in many countries.
While cryptocurrency bulls predict that long-term investors should be prepared for kosher swings in the cryptocurrency’s value in the coming months, the speculations are based on the recent crypto cash crash witnessed by the market.
In the last month i.e. March 2018, the bitcoin’s price drop below $10,000 has been recorded, extending to a low value of $6,500 before bouncing back over $7,000.
The worldwide conjectures state bitcoin will certainly face a huge downfall again by falling season and before the arrival of Christmas 2018.
Many factors are contributing in disgracing the value of bitcoins like “A series of high profile thefts”, which were limelight in news a few weeks back. Moreover Google’s announcement over “Banning Cryptocurrency Advertising” from June of this year, under the sin of “Deceptive Content” as per Google guidelines; could also blow the value of Cryptocurrency in a big way.
Various financial specialists have advised for avoiding any investments in Cryptocurrency to potential investors, and the US Securities and Exchange Commission has admonished people, who are already playing with this digital currency to “exercise caution”.
Whereas the old players are taking this value crash situation as a golden opportunity to buy cryptocurrencies at low rates before their value begun to jump again.
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