Investors Nervous as Bitcoin Value Takes a $2000 Dip
The value of Bitcoin dropped below the $8000-mark this weekend, losing around 15% of its value in a few hours.
The price per coin has so far been strong this year as traders and investors cheered the likes of Facebook and Apple showing interest in bitcoin, cryptocurrency and bitcoin’s underlying blockchain technology. This weekend’s drop was attributed to a lacklustre debut for the highly-anticipated Bakkt bitcoin and its cryptocurrency investment platform at the beginning of the week.
According to Forbes, the drop has caused panic among traders and investors who have been anticipated a drastic change for some months now. For the time being bullish Bitcoin traders are advising to buy as the markets look confused as ever, and there will be some results on the horizon. In addition, chief investment officer of Morgan Creek Capital, a US bitcoin and cryptocurrency investment company, suggests “buying the dip,” clarifying that daily change sin the value of Bitcoin are rarely significant and should be ignored.
Daniele Mensi, CEO of Nexthash, the operating group of digital exchange platform Nexinter, commented on the price drop: “The volatility of cryptocurrencies is what makes them excellent conduits of growth for traders, investors, and growing businesses. What is important to remember is that Bitcoin is still up around 115% this year, so its short terms peaks and troughs are necessary to facilitate longer-term growth across the currency. It is important for new traders and investors to do their due diligence on each currency that they invest into to ensure that it is the right route for them, but institutional investors and high-growth companies will continue to look crypto and digital trading to facilitate international, fluid growth.”