The largest and the costliest cryptocurrency, Bitcoin, tumbles down to $55,408 today, and this is the biggest curtail Bitcoin saw in the last few months after the sudden hike.
What is Bitcoin Price drop?
Since 2019, the use and abuse of cryptocurrencies didn’t stopped, and individuals, including business tycoons and salarymen, invested heavy amounts in crypto coins like Bitcoin, Ethereum, Ether and others.
After gaining a significant market share in the financial realm, digital coins have been in huge demands, and those who purchased a single coin in 2010, are enjoying 1000% profits in 2021. The biggest breakthrough, however, is still allocated to Bitcoin, gaining an exponentiation increase from $0.0008 to $0.08 in 2010, and 60,714.49 USD in 2021.
However, on last Friday, Bitcoin collectors saw a sudden decrease in the value of Bitcoin by 4%. Those who invested in the digital currency, lost a huge amount of investment in seconds.
Some sold their coins to highest bidders while some kept their coins with them, waiting for the next big opportunity to invest again.
While there is no single factor responsible for the decline of the coins, many individuals and crypto coin intellectuals puts their hand on the the recent Turkey’s central bank issue where the financial institution banned the use of cryptocurrencies as a formal and informal form of payments.
Furthermore, Ether, the second most favorite digital currency after Bitcoin, also saw a sudden decrease in value, dropping by 6.5 percent to $2,165.91.
What is the future of crypto coin?
As we have seen earlier how the surge in crypto coins changed the life thousands of crypto currency owners, and crypto miners, the future will be fruitful and bring out the hidden potential in the digital currency methods for new payment gateway systems. We recently talked about why the SME’s needs blockchain technology right now and it is only a matter of time when digital currency will co-exists within the same confined lines of universal finance law.
Still, some countries are planning to or already banned cryptocurrencies. Recently Turkey published a new law indicating that financial institution, including all the major bands will not use cryptocurrencies and other similar forms of payments in the country for exchange of goods and services. This resulted in a sudden Bitcoin price in major European nations and as a domino effect, decreased the overall value of the coin.
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