My excitement quickly went down at the news of bitcoin price slump, going from $5000 to less than $4200. I must admit, i had my head in the clouds when the price kept going up, it meant that the value of my bitcoin was appreciating. The party came to an unexpected end with the news of the price crash.
The reason for the price drop was due to the uncertainty about the faith of bitcoin exchanges in china. According to coindesk, a Chinese news source Caixin has said that the regulators wish to shut down bitcoin exchanges. This news has not yet been confirmed, but we can already see the effect it is having on the market.
To some, this is a good time to buy bitcoin, as experience in the past has shown that Bitcoin price has rebounded more than once, to others it is a big 'beware' sign. Bitcoin prices has been speculated to rise to about $10000, with some saying that it could even rise up to a million dollars. The truth is, no one can be certain of this things, it could just be another gimmick to encourage more speculators to buy, but a lot of bitcoin enthusiasts have a lot of faith that this could happen.
Other cryptocurrencies are not left out of this price slump, as this has led to a fall in the cryptocurrency market capitalization from $160 billion to $150. Etherium prices has slumped and is now trading at $295.93.
I just hope and pray that the speculations in china are purely speculations, because the failure of bitcoin could also lead to the demise of other cryptocurrencies.
It's fake news. The news was spread through a fake Twitter account!
Thanks for the info, it means that bitcoin will go on a rebound