The global cryptocurrency market is constantly full of surprises, and this week isn’t an exception. Bitcoin, the most well-known virtual coin, has been on a chunk of a rollercoaster ride.
Bitcoin’s Price Drop
Bitcoin’s value has fallen for four days in a row. On Wednesday, it dipped below $60,000, which is a huge deal for crypto enthusiasts. Other cryptocurrencies, like Ether, additionally saw their charges go down.
Today, the live Bitcoin price is approximately $59,130.76, with a 24-hour trading volume of $47.9 billion.
Why Is This Happening?
There are some reasons why Bitcoin is probably having a tough week:
An organisation called Nvidia makes computer chips and is set to share its earnings report. This document is essential, and it is making some buyers apprehensive. They are probably selling Bitcoin to have cash prepared for anything that happens with Nvidia’s inventory.
When humans become concerned about the stock marketplace, they sometimes promote risky investments like Bitcoin. If Nvidia’s document is unsuitable, it can worry the entire marketplace.
Several Bitcoin purchases have been made currently. These include some from a vintage, famous case called Mt. Gox and a few from the U.S. Authorities.
What Does This Mean?
Even though Bitcoin’s price is down, it is important to remember that this factor occurs frequently in the crypto industry. Bitcoin’s price is still much higher than at the beginning of the year—up 38%.
August has been a bumpy month for Bitcoin, and it turned out to be its worst month due to April. But this sort of up-and-down movement is normal for individuals who spend money on cryptocurrency.
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