It certainly has been a low-key week for cryptocurrencies, especially bitcoin taking over a 10 percent drop. This has been the largest drop in bitcoins price in nearly a month, however, I believe it's simply following the same pattern from August. In the first couple of days of August last month, bitcoin dropped below $40,000 and then soared over $50,000. If you believe in history repeating itself, bitcoin should make a huge recovery and may go even higher this time.
What is causing these 10 percent price drops? I think it could have something to do with the regulations upcoming for many cryptocurrencies. Many crypto supporters believe that these regulations will not make a difference, and that one of the best benefits of using cryptocurrencies is avoiding traditional monetary regulations. I also don't see a future where governments are controlling cryptos, I predict that governments getting involved will only help the price in the long run.
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Since El Salvador bought BTC, BTC has been selling like Nigeria Naira.
For BTC to start buying,it will form a heavy market structure.
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