Bitcoin Why is it rising today? Will it fall again? By Sanjeev Seenath II
The Price of bitcoin plunged last month, and again last week, amid fears trading could become illegal in a number of countries.
South Korea and India have both issued warnings to the market, threatening to pull the plug in a devastating blow to prices.
A already a volatile cryptocurrency, bitcoin hit a record high when it passed $20,000 in December to the delight of investors. But BTC’s value has since shifted unpredictably, with wild drops and subsequent recoveries seeming to become a never-ending cycle of highs and lows.
BTC nears $11,000 despite warning over ‘Russian sanctions’ Last week, the value plunged again from nearing $10,000 to $6,000 in just four days. But after a little recover, the currency now appears stable at between $9,000 and $12,000. BTC’s price this morning stands at $11,00 asignificant rise. Most of the price volatility seems to be over, and a slow bullish rise to now continue for another half-month or so according to experts.
Recent events in the cryptocurrency world have demonstrated just how quickly prices can change – rising to dizzying heights before crashing to catastrophic lows.
The cryptocurrency’s value plummeted ahead of Christmas, at one point dropping by almost $2,000 in just an hour in a terrifying 60-minutes for investors as BTC went into the red.
BTC soon bounced back but tumbled again in mid-January – then recovering again and plummeting at the start of February and back up in the end of February .
Bitcoin notorious volatility means BTC is expected to continue to shift unpredictably amid fears bitcoin has created a bubble that could burst at any moment.
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