According to the latest US media reports, bitcoin prices have fluctuated dramatically recently. On Monday, bitcoin prices fell to their lowest level in more than a year. What happened to the sharp drop in bitcoin prices? Details of bitcoin's downward trend.
Bitcoin prices plummet
The surge in bitcoin prices began after the US holiday season last year, when the cryptocurrency gained a household name and became a common topic on the table. At the end of November last year, the price of bitcoin broke the $10000 mark for the first time, and nearly $20000 before Christmas, mainly driven by retail investors. At this time, many people also transferred part of their investment in crude oil and gold to mining projects, resulting in bitcoin has been in a hot phenomenon.
After months of relative calm, bitcoin prices began to falter last week. For most of October, bitcoin's trading price fluctuated within the range of $6400, temporarily stopping the fluctuation earlier this year, after other markets around the world sold bitcoin. Since Thanksgiving last year, the price of this cryptocurrency has fallen by more than 30%. Analysts attributed the continued selling of bitcoin to technical factors, and after bitcoin fell below $6000, stop loss trading orders came into effect.
'bitcoin is a brilliant idea. Unfortunately, not every smart idea is a good idea, "said Benoit coeure, a member of the Executive Board of the European Central Bank. 'in many ways, bitcoin is the cause of the financial crisis. '
Well, you know the decline of bitcoin price. I hope you can be cautious in your investment and not blindly follow the trend.