Once again, people who trade in Bitcoin have learned a lesson in the volatility of trading in the world of cryptocurrency. CCN reports a loss for Bitcoin to the tune of $6,400. That's good for about $22 billion if you consider the number of people trading on the crypto market.
It's not surprising, considering the nature of Bitcoin; it saw its highest climb in 2017, where it reached heights of $20,000 only to cool down in the succeeding months. The drop started early morning where worldwide values plummeted from $274 billion to $252 billion, showing a 7% decay in value.
Not Yet Time To Panic
If this is enough or some people to push the panic button, apparently, it's only normal.
In this Express UK article dating back to March, Bitcoin (BTC) was trading at $8,196.90, apparently dropping from its initial price of $9,144.15. It even dropped to a low of $7,911.99. All that happened within a day, showing just how fickle trading values can be. Back then, the hot topic was Google's handling of BTC advertising, in which it stressed implementing stricter rules to combat malware and fraud.
The BTC market may have been affected by some accounts being banned on suspicion of fraud. However, it was further noted that the market value was clearly on the way down even before the rules started to take effect and bans were handed out.
The Dip Before The Push
Even followers and analysts of the cryptocurrency market are bullish about BTC's changes. It has been hinted that the low values were expected; a market low below $6,000 was widely expected, just not as early as half of this year. However, it was expected to occur before values started to rocket again at $20,000 or more, which was expected to happen at the end of this year yet again.
The legitimacy of Bitcoin seems to be validated as it rises and falls depending on real-world market trends. It is also expected that BTC should recover in the following days; however, if it fails to recover at a value around $6,700 in the next 24 hours, expect another steep drop in values to somewhere lower than $6,000.
