Bitcoin Price Drops Below $7,000
Yesterday, the Bitcoin price roller coaster broke $7,600 dollars, infusing the cryptocurrency investment community with a feeling of euphoria. Today, not so much, as the Bitcoin price has dropped back down to just below the $7,000 mark. So far, that’s roughly a $400 decline in pricing and the day is not completely finished. A lower price might mean it would be a good idea to check out my how to buy bitcoin for beginners article as you could get some Bitcoin exposure for a shade lower, at least for a short window that’s likely to pass.
A Bitcoin price of $6,989.64 was noted early in the day. And the price has yet to recover. However, Bitcoin remains that of a volatile commodity and heavy price fluctuations are expected by investors who have come to familiarize themselves with such volatility. When it comes to Bitcoin, volatility is the name of the game.
Ethereum, on the other hand, is up slightly to $304. And that narrative may have further reaching consequences as Bitcoin now seems to fluctuate counter to other competing cryptocurrencies. Ethereum is up over $6 today, Litecoin is up .44 cents as Bitcoin tumbles.
What does this mean for investors? Absolutely nothing. Bitcoin remains a ferocious trend north. Even when Bitcoin is down, it is still up. While some new investors into the cryptocurrency might feel uneasy during these days, most seasoned Bitcoin buyers realize this is simply the way Bitcoin interacts with the exchange. Some investors may be selling Bitcoins due to the upcoming hard fork with Segwit2x, that’s offering up unpredictability into the Bitcoin market.
A slew of cryptocurrencies hit the market weekly, placing more and more pressure on Bitcoin as a stand-alone leader in the cryptocurrency market. But it remains, Bitcoin is now approved for Futures trading, which is an indication that Wall Street is now warming up to the idea that Bitcoin is a new, innovative, digital commodity. Until competing cryptocurrencies can find a way to garner similar acceptance in the financial community, competing with Bitcoin will be an uphill battle.
One of the factors which could doom Bitcoin is the amount of energy and time it takes to approve Bitcoin transactions. Because the process is so laborious and consuming for miners, some feel that the cryptocurrency might have problems integrating into our culture as a mainstream payment method. And this is why we have a hard fork looming, too much Bitcoin infighting over this matter has led some developers to run astray. And that might not be a great environment for the digital currency.
One might think negative government rhetoric or regulations could doom Bitcoin, but those things seem to have very opposite effects. Every time a world government regulates or condemns Bitcoin, the digital currency seems to boom (at least eventually). Bitcoin remains a great investment opportunity for those who have some money to risk. It is, however, far from a no-brainer investment. For a risky, but more stable, investment tip, check out my BOTZ ETF review. Artificial Intelligence, which is the source of BOTZ ETF holdings, is a great and more stable, less volatile, stock to get exposure to.
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.
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