If there is one name that gives hope to all crypto traders, it is Bitcoin. But, the recent weeks have been rough on Bitcoin holders as the famous cryptocurrency fell to its lowest in 11 months. This unexpected crash has got many Bitcoin holders worried. Also, many traders are in a dilemma about whether to sell or hold Bitcoin. This article features the latest updates about Bitcoin price and the coin’s future.
— Crypto Kraut (@crypt0kraut) May 11, 2022
Bitcoin Price Fall
Bitcoin is one of the most trusted cryptocurrencies in the market and most of the users if not all of them rely on this coin to fetch gains. But, it is having a tough time in the market as it is continuously declining over the past couple of weeks. This is a classic example of the risk factor in crypto investments as even a giant like Bitcoin is going through a bearish trend.
A month ago, Bitcoin was trading at 34,00,000 Rupees and everyone expected the coin to keep going. But the crypto giant lost over 10,00,000 Rupees in its value and is currently trading at around 24,00,000 Rupees.
The $BTC all-time high is $68,990.
An 80% draw-down is $13,798. $27k is about halfway there.
This is #Bitcoin. Be prepared. ❄️
— Bitcoin (@Bitcoin) May 13, 2022
Many experts foresaw 2022 as the year Bitcoin would get to its record high price. But, little did they know that the market would turn bearish as the coin hit its record low in almost a year.
There are many reasons for this fall. One of the main factors is the increase in circulation of the coin in the market. This is because many companies are starting to accept Bitcoin as their currency. Some pundits suggest that the increased Bitcoin mining may also be the reason for the drop in Bitcoin price.
Over the past 12 months, Bitcoin’s value halved and this significant drop led to several losses. But, some are still holding the coin as they expect a comeback from the giant. Many believe the coin has seen enough lows and it’s time for the bull to come out. Although some expect it to go further down. This is the beauty of crypto as it is always unpredictable and we have to wait to see the future of Bitcoin.
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