After days of Bitcoin hitting all-time high after all-time high, it seems that it is now in reverse mode. Today, 22nd December 2017, will be an unforgettable day for most enthusiasts of Bitcoin, while bears will simply remain unsurprised.
Bitcoin has seen its worst days. Even though there has been little drop in rate over time this month, the recent drop rate is one that has shaken the cryptocurrency market. Not only is Bitcoin affected, but other cryptocurrencies have also felt the blow.
The price of Bitcoin took a dip from 19,500 USD to 12,239 USD representing a drop rate of about 24.39% within three days. There are many reasons attributed to this downward slide. One is the rumor concerning a bubble. This is the situation where investors are not buying; rather they are waiting for a favorable time to invest. This stopped many investors from investing in Bitcoin because the price almost reached $20,000.
Another reason for this is the unsteady peak rate of Bitcoin, which comes with different predictions. There are also predictions that within the first week of 2018, the price will reach the $25,000 mark. Besides this, the other reasons for this fall in Bitcoin price can be attributed to the following:
- Bitcoin Transaction Time – For a low investment, it tends to be slow according to the underlying blockchain technology. When compared to high amount transactions, the process is much faster than low amount investment transactions.
- Rumors of Hacked Accounts – Earlier in this month, there were reports of some account hacked with millions of dollars in Bitcoin stolen. Because of this, many people are on the watch, and not investing.
- High Investors Selling Cryptocurrency – Another reason for the dip may be the decision taken by top Japanese trade investors to sell their cryptocurrency. These are people with followers throughout the world. This has made people sceptical about investing.
- Virus Attacsk – Another thing that impacts Bitcoin prices, is a virus attack. Rumor has it that there is a virus attack, which has affected the Bitcoin blockchain. This attack has generated some errors, which has led to some stolen Bitcoin.
Since the price is taking a dip, is this the right time to invest? There is every possibility of the price of Bitcoin dropping further. In addition, the chances of it increasing are also high. Because of its high volatility rate, it is hard to predict this either way.
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