Since the latter part of 2020, there has definitely been a significant renewed interest in Cryptocurrency. Something that has certainly been reflected with the rapid rise in the value of Bitcoin. Hitting an all-time high of just under $65,000 last March, however, the trend since has certainly been more in the downwards direction than up. – Following the latest figures provided by Coindesk, however, if you do have any money in Bitcoin at the moment, it might be time to dip out with some of it as the value has just plunged to ever so slightly above $30,000.
Bitcoin Plunges in Value!
Although the current figures are subject to interpretation, it would appear that within the last few days, lots of people have started cashing out of their Bitcoin. Something potentially prompted by comments made by Elon Musk earlier this week. While the current value has rallied to something around $35,000, however, there are certainly no positive signs that this will go back to where it was any time soon. If, indeed, at all.
What Do We Think?
We are not financial experts here at eTeknix, nor any sort of mystical guru when predicting what the future may hold for Cryptocurrency. In fact, our advice regarding it has always been the same. Dabble in it if you want, but never stake more into it than you can afford to lose! – With this recent slump, though, if I was to make a prediction, it’s likely that at least for the next few weeks, that price is set to get even lower (after an inevitable short-term rebound). We have, after all, seen this happen before. Albeit, back when Bitcoin hit the comparatively modest high of $25,000, but when that crashed, it dropped as low as $4,000. So if that is any similar precursor, could Bitcoin drop to $10,000 this time around? Or will it just spike again to $100,000? We’ll have to wait and see.
What do you think? – Let us know in the comments!
