Well, the last few weeks have been really tough for all cryptocurrencies. The whole market has seen the low tide this week. Bitcoin has also suffered a lot during this time. Now the question arises – Why is Bitcoin Dropping day by day. What’s the reason For the fall? People want to know how much time is it going to take more. Will this lead to the ending of Bitcoin? There are lots of things which need to be discussed in detail.
Read the full article to know everything about Bitcoin dropping.
So let’s get going!!!
Bitcoin Dropping Down!!!
- Yes, in recent times the price of Bitcoin has fallen deep. This creates a good opportunity for the buyers who want to buy cryptocurrencies.
- The fall has led to a deep dive of $42,000. This is the lowest market value Bitcoin has hit in the past few months.
- The estimated loss percentage is up to -12.64%.
- This will take a lot of time to recover in the market.
Why is Bitcoin Going down?
Now seeing the sudden fall of Bitcoin, knowing its cause is very important. There are many reasons which are affecting the crypto market. But let’s look to the major 3 reasons :
- Binance Issue: Binance is basically a US-based cryptocurrency exchange platform. Recently it has been facing a probe regarding the inclusions of some illegal Bitcoin transactions.
- Elon Musk: The cryptic response to a tweet from Elon Musk has turned the market upside down. The impact of Elon Musk is known to all, and that has affected Bitcoin.
- The Opposite Wave: In recent times cryptocurrencies have been criticized a lot. Due to high power usage and harm to the environment, the crypto market is on the back foot.
What’s Next Now?
After watching Bitcoin dropping down so low, there has been a lot of panics. But it’s expected to get back again strongly. Remember that, it is one of the most successful cryptocurrencies in the market. It may go down due to the trend, but its existence will always be maintained.
So if you are investing, show trust and have patience. Then you can almost achieve anything from the market.
Also Read: Why is VeChain Dropping now? What is the Future of VET
