Bitcoin had seen a jump of more than 1300 percent in last year and in just one month; bitcoin has lost half of its value now. On Monday, Bitcoin saw a steep fall of 15 percent in its price to reach its lowest value for past three months. Bitcoin has been falling for past 1 week and the major reason behind this is the actions took by the countries regarding the legality of the bitcoin.
Earlier British and US banks have banned the use of credit card for the trading of bitcoin. This resulted in a steep fall in the value of bitcoin which showed us the lowest value of about $6,854.
In December, the value of bitcoin was about $20,000 and now it has come down to $6854.
Observing the trend of the bitcoin, Bitcoin showed a negative value in last 6 sessions out of eight.
Here are the reasons why crypto-currency is plunging
The reports from different brokerage house said that the support level for bitcoin is around $5000.
There has been much concern regarding the regulatory issues of these cryptocurrencies due to which the cryptocurrency market has seen these new declining values. Not just bitcoin, other major cryptocurrencies such as Ethereum also showed a downfall of about 19% on Monday. Ripple also fell down by nearly 14%.
In India also, finance minister declared that cryptocurrencies will not be accepted as legal and government will take actions to stop this. The government also said that they will set up a special team to research on blockchain technology.
These cryptocurrencies have also faced problems through hacking and other scams due to which their value has been falling steeply. The recent scam was regarding the stealing of digital money from the cryptocurrency exchange in Tokyo.
The experts of KNine Vox suggest that bitcoin will fall more to nearly $4800 and then it will show a rise again. But if their concerns regarding the legality of these cryptocurrencies are not faded, it may fall more. Therefore we recommend you to invest safely.
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