Bitcoin Price News could not have happened at worse, Since Bitcoin, the most valuable virtual currency on the crypto market has been hit by a series of disastrous falls in recent weeks. The most recent disastrous drop occurred this morning when the currency’s price plummeted from $38,852 at 00.20 am to $36,623 at 7.45 am. As of 9.08 a.m., the price of Bitcoin had risen to $37,034 and was still fluctuating.
The bitcoin price news showed that the coin has a loss of up to 6% in a matter of hours, with other big cryptos like Ethereum and Doge also suffering significant losses as the crypto market continues to be ripped apart. Over the same period, Ethereum fell 7.5 percent, from $2,755 to $2,556, while Dogecoin fell even more, from $0.344 to $0.317.
Factors behind the Bitcoin Crash?
This week, the world’s largest cryptocurrency has dropped 18%. Bitcoin dropped to $42,207, its lowest level since February 8. It subsequently surged and completed the day at over $43,500, according to CoinMarketCap statistics.
After Elon Musk revealed that his electric vehicle firm Tesla will no longer accept cryptocurrency payments, the price of bitcoin plummeted. In a Tweet on May 13, he voiced worry that Bitcoin was harming the environment. Central banks and governments all around the world are becoming increasingly concerned about the impact of cryptocurrency on the environment, financial stability, and the wallets of ordinary investors. Demands for further regulation are perceived as a danger to cryptocurrency’s decentralization, which is affecting its price. China halted significant cryptocurrency mining activities in mid-May, causing the value of Ethereum, Dogecoin, and Binance Coin to plummet.
According to Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown, “The restriction on Chinese banks and payment providers offering crypto transaction services had already been a huge setback for Bitcoin’s use case.”
Do you lose money if the price of bitcoin falls?
Only if you sell bitcoin for less than what you paid for it will you lose money, a process known as “crystallizing your losses.” You are not technically losing any money if you leave your money invested while the price of bitcoin is low.
Future of Bitcoin:
The future of Bitcoin exists in taking a risk and buying bitcoin or not to take interest in it :
Not in the case of Bitcoin:
Bitcoin’s wild gyrations in 2021 have made sure of one thing: The future of money will be electronic, but it won’t remotely resemble a cyberpunk utopia. People’s power will bow to sovereigns’ might. The mania and panic that have gripped decentralized cryptocurrencies are heightening the attraction of their coming rivals: digital cash, issued by central banks. These tokens will be staid, centralized, and state-controlled. That’s exactly what users will want in an Internet of Things world where machines need to settle claims with one another all the time, instantaneously, but without contributing to global warming.
If governments are having trouble adopting Bitcoin, the overwhelming popularity of digital cash might be a problem as well. Customers who desire to have a direct claim on their monetary authorities might cause banks to lose savings. Lenders that fund long-term loans with short-term market liquidity may find themselves in problems in the future. These dangers are not new. Authorities established a trust gap with the public by neglecting them to the point that subprime mortgage-related financial losses had to be socialized. Techno-anarchists broke through it with the template for an electronic payment system based on cryptographic evidence rather than trust.
Is it right to buy Bitcoin Now?
As bitcoin price news has cleared that the bitcoin has increased 6% in a matter of hours but it had a great loss in the previous days. People who are certain that bitcoin will recover will still invest in bitcoin but it had a great loss in the previous days. As it dropped 18% in the previous days, certain investors will shop for bitcoin. But people having no money for the loss will not invest anymore.