Bitcoin Price Plummets to $9K
Bitcoin is once again proving its volatility. This time, the plunge comes as a reaction to new regulations and bans being proposed.
The biggest fear that governments have with the cryptocurrency is that it is being used for illegal and illicit activities. Particularly in the vein of money laundering, drug trafficking, and terrorism. Because bitcoin is not regulated by any government, it can be used anywhere it is accepted for anything you wish to buy or collect for.
Peaks and Valleys
Bitcoin prices have been steadily dropping over the past month, and now stands at nearly 50 percent lower than its all-time high. The largest concern is the recent 20 percent drop in a single day, bringing the current price to $10.1k.
The price drop is due to current bitcoin owners selling what they have, for fear that the new proposed regulatory measures could make their bitcoin stash useless. Some countries are even in talks of making the trading of the cryptocurrency illegal.
Those who have paid upwards of $14,000 for a single bitcoin would rather get something in return than possibly have their share stagnate in their possession.
It comes, also, as a result of day trading. People buying and selling the same day, hoping to get more in return than they paid for.
Just yesterday, it was reported that France has appointed Jean-Peirre Landau, former deputy governor of the Banque de France, as head of the cryptocurrency task force, a team that will oversee regulations on all of the cryptocurrency passing through the country.
The unregulated nature of the currency means that its constant rising and falling is both inevitable and expected. And a cryptocurrency at this level of popularity has never been known to the world, so there is no precedent that has been set for dealing with it.
It is impossible to predict the way bitcoin will move and seems to be constantly experiencing peaks and pits. But, when the initial fear and panic has worn off on the back of these regulation and ban propositions we will probably see things steady out a bit more.
At the beginning of today, bitcoin was at around $9.1k. 30 Minutes ago, it was up to $9.8, and it currently rests at $10.1k.
If you are currently a bitcoin owner and are afraid enough to want to dump your bitcoin and run, remember this. Regulations like these are not going to be set in stone overnight, and extreme fluctuations like these have happened in the past. If you are truly worried about your return, sell when it feels right to you.
Don’t jump on the mass panic train just because everyone around you is, take a moment to weigh the pros and cons, and remember why you bought in the first place.
Don’t fear the ‘beginning of the end of the bitcoin bubble’ just yet. A bad day doesn’t bring on the end of times, just keep a close eye on the value when you can, and if you feel you’re better off selling, do so because of your own intuition, not because someone is trying to predict the unpredictable.
Your best tool is your research, keen eye, and intuition.
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