Bitcoin continues to decline in price as it reached a value of $7,918.43 before climbing to $8,254.74 in a day. Yesterday, it was barely surviving above the $9,000 mark, and was showing signs of sudden changes in price. As with every other day, the question remains: why is it decreasing?
The headlines created by Mt. Gox, when a trustee sold $400 million BTC and BCH to pay for lawsuits, will be remembered throughout the entire year. People thought that since the company isn’t allowed to sell more cryptocurrency until September 2018, the market would move back up slowly. Mt. Gox still have almost 202106 BTC in their wallets, an amount big enough to cause another drop. But just when cryptocurrency adopters were about take a break, Google announced that it was going to ban all cryptocurrency-related advertisement starting in June 2018. The news came over a month after Facebook’s ban, which bore similarities in its written orders.
Bitcoin has been valued at $8,000 twice in the last twelve months – once in November 2017 when CME futures were announced and new investors were looking for ways to enter the market. However, the price was moving up rather than dropping in those days. The second time it reached a similar number was in February 2018, when China was planning to block overseas trading and ICO websites.
Top 20 Cryptocurrencies Down by 10%
According to Coin Market Cap, all cryptocurrencies are in the red – Ethereum by 13%, Ripple by 11%, Bitcoin Cash by 13% and Litecoin by 9%. Almost all the digital currencies in the top 20 show a decline of more than 10%. The only one that stands in the green is DigixDAO, which is worth $362 at the time of writing.
Speaking about these volatile trends, computer programmer andBbitcoin bull, John McAfee, tweeted that long-term investors shouldn’t be concerned.
If you are a long term investor you will have no concerns. If you are short term, I can give you no advice, other than short term investers can hope for mediocrity at best, and oblivion at most likely. Great wealth can only be obtained by investing in the future – 2 to 5 years.
— John McAfee (@officialmcafee) March 15, 2018
Charlie Lee also retweeted an optimistic tweet and agreed with a follower, who said that people need to stop worrying about everyday prices, since crypto users will face many different challenges in the future.