The heavy fluctuation in the price of bitcoin isn’t news to industry watchers. Bitcoin as a financial asset has shown how susceptible it is to fundamental pressures from governments, big financial institutions, and messages in support or against it coming from VIP billionaires.
In March of 2019, the price of bitcoin fell by almost 75% as it crashed from USD20,000 to USD6,000. This was occasioned by the uncertainties that the COVID-19 lockdown generated.
However, as people stayed at home to limit the spread of the deadly coronavirus, attention once more focused on bitcoin and other crypto assets.
The result was a spike in the price of bitcoin as it rose to USD40,000.
Despite the severe regulatory bashing it has received so far from government authorities in China, India, and Nigeria, Bitcoin has always succeeded in picking up.
Unfortunately, as bitcoin's price seems to be on another upward trajectory, it just last night lost more than 20% of its value as it currently trades at USD47,000.
According to cointelegraph, this drop makes this the biggest one-day drop since May 15, when Bitcoin's price momentarily came down to nearly USD33,000.
The market price of BTC fell 26.4% from its week-long support of USD57,206 to USD42,268 before recovering back to the USD45,000 mark.
Coinglass data reminded cryptocurrency enthusiasts that the Bitcoin market experienced USD1.3 billion in total liquidations in the past hour, with USD735 million liquidated in BTC longs on this drop.
As a result, Bitcoin’s bear market cancels out the 2-month long bull market since Sept. 29, where BTC soared over 63% to attain an all-time high of USD67,602 by Nov. 08."
However, numerous Bitcoin analysts point out a similar oscillating trend with Bitcoin’s price action every year.
Some even believe, furthermore, that this crash opportunity is usually artificially created to provide buying opportunities and take profit opportunities for investors.
Another reason for Bitcoin’s two-month low bearish streak can also be attributed to mainstream resistance from the US regulators that have invited the CEOs of prominent crypto exchanges, including FTX and Binance US, for a hearing on crypto-assets. stressed further.
On the other hand, some believe that the price of Bitcoin can now stabilize following the decline.
|Currencies||Buy Rate||Sell Rates|
|USD - NGN||415.16||416.16|
|EUR - NGN||463.40||464.52|
|GBP - NGN||555.94||557.28|