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Wednesday, July 28, 2021

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Bitcoin dumps $4,800 to $30,000 in a day


On Monday, Bitcoin fell to a record low approx. $4,800, have set record to fall sharply from $34,800 (roughly Rs. 25.5 lakhs) to $30,000 in a day. Traders also hinted, volatility since bitcoin pumped to over $30,000 due to new year and Christmas, in highly leveraged futures markets.

14 percent, yes that is correct, Bitcoin fell after reaching as high as $33,670 on Sunday. Last week, Bitcoin was 9 percent down at $30,080.

Bitcoin jumped more than 300% in 2020, and in just 2 weeks, it went more than 50% to $20,000. A was at $5000 in Mar 2020, and beginning of 2021 has seen such a big jump in overall trading capacity of Bitcoin. It looks like so many people have invested in crypto currency and now they are rapidly withdrawing their money after gaining profits in the market.

If we notice the trend, the cryptocurrency quadruples every year during Christmas and new year and then falls sharply in the month of Jan-Apr. And dropping of Bitcoin is not unusual as this asset is volatile and it swings rapidly in a day up to/close to $1000 each day and this swing has always attracted investors to invent in cryptocurrency however there is a lot of risk involved in too.

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Joseph Edwards from Crypto Securities also said that it is “the most volatile asset in the world at the moment”

According to Sergey Nazarov “It’s very likely that the asset will eventually pass $100,000 per coin,”

Investors said there are 3 reasons for Bitcoin jump. 1) Mining machines to solve mathematical puzzles have made cryptocurrency to jump up over past few days, 2) limited supply of bitcoin and 3) Covid-19 effect as investors see it a safer option during pandemic.

Some may fear dollar to become weaker as it directly/indirectly reflects investment by the investors in real currency. Since it is growing so well, we believe that Bitcoin will become mainstream payment method and whole world will accept it as a payment method similar to real currency. Investors are also attracted towards it as it has been proved a quick gain currency and people also like to invest in it.

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Source Via Reuters

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