Now that Bitcoin’s unpredictable price is still at bearish, various analysis are being conducted and theories are also coming up in order to provide an explanation to what i currently happening in the whole market right now. It really cannot be denied that because of this current situation, people are already getting discouraged thinking that there will be a possibility that the cryptos price will stay to where it is right now for quite a long time.
For the first time, Bitcoin (BTC), the number one cryptocurrency today, has reached below its recent sell-off of $8,000 USD each. And for days, the price has been snowballing at around $7,000 USD each.
In an article released by Bloomberg, Joe Dipasquale, Chief Executive Officer of BitBull Capital, “The price drop is a technical move.” According to him, the things happening with the whole crypto industry, which affects Bitcoins, is merely a reaction towards China’s support with the blockchain. You would probably think of “what is wrong with that?”. With this, we need to remember that blockchain might be somehow related to cryptocurrencies yet these two things are still different. Blockchain is only a tool and platform used by cryptocurrencies for it to fully operate.
In addition to this, Dipasquale have also said that the Bitcoin’s prices are just in the process of returning to normal. It is just that the negative sentiments towards Bitcoin and the whole crypto industry in general cannot be controlled. And the said negative sentiments are to be expected to grow as long as the prices are declining.
There is also a claim that despite the declining prices of BTC, there is no need for people to be worrisome because the technology is still on the right path. There could be “unexpected” downfall in the prices of Bitcoin or it could have reached more than the expected price average, but it is still close to impossible for Bitcoins to be completely gone or not get back on its usual price ranges.
Based on the records that were analyzed, there are at least 1,000 BTC trade per minute in dollars, 2,000 BTC using the stable coin Tether, and 300 BTC trading transactions per minute using Euros. And according to Charles Hayter, Chief Executive Officer of Digital Asset Data provider called CryptoCompare, the current number of trading transactions today still fits in the standard for the market with clusters of volatility. In addition to this “the buses seem to all come at once,” he said.
On another note, there are also assumptions and claims that ever since China gave its support on blockchain many Asian countries is already planning to embrace and adapt the blockchain technology in the future as well. Because of this, it is expected that the whole crypto trading industry will face curbs if these Asian countries will be taking steps into fully adopting blockchain technology. This means that there is a possibility for the cryptocurrencies, most especially Bitcoin, to have fewer volatile prices. Hence, one of its main purposes which is to serve as a digital money for purchasing goods and services could finally become a reality.
Whether it is good news or not, it is totally up to the way you see Bitcoin and cryptocurrencies. There are websites like Bitcoin Circuit that can help you strategize your crypto investments. Just be careful of the so-called nicht zum echten Bitcoin Circuit Robot or should we say fake Bitcoin Circuit robots scattered around the internet.