Bitcoin drops below $7000 and loses more than 2% over the 24 hours due to increased selling volume, so the crypto market is down again under the “what doesn’t grow is going down” scenario, this repeated Bitcoin decline reflects deep disappointment for investors and disbelief Even in the medium-term prospects of the cryptocurrency market.
About a year ago, Bitcoin was IQ Option It is trading near the $3,100 level, and two years ago the crypto-asset peaked near the $20,000 level, today it is trading at just over $6,700, 66% lower than the price it was trading at two years ago.
The downtrend has dominated the bitcoin price in the second half of 2019 so far, after peaking in June at around $14,000.
Bitcoin has lost nearly half of its value since its highs this year in June when prices approached $14,000. Warnings about the dangers of cryptocurrency.
China said that investors should be careful not to mix blockchain technology with cryptocurrency, as there are multiple risks in the financing and trading of cryptocurrency, including the risks of false assets and the risks of speculative investment, investors should enhance their awareness of risks and beware of deception.
Famous investor Mark Kubic said according to an article published in Forbes that he does not see any future scenario in which Bitcoin can be used as a trusted currency, and he continued by saying that his predictions are not because Bitcoin cannot technically work, but that it is difficult to use and understand, and it is very easy to hack and lose. .
Although Bitcoin continues to lose ground, crypto-related products are becoming increasingly popular, which raises doubts about investors’ vision for the future of Bitcoin and other cryptocurrencies.
If the bear market continues to dominate the first-ever cryptocurrency, there could be new lows, which could cause the complete destruction of the crypto industry including the bankruptcy of many crypto projects and the overall structure of the market.
On the other hand, investors’ eyes are already turning to the halving scheduled for May 2020, this event will cut the bitcoin generation rate in half, with miners getting 50% less bitcoin, bitcoin supply is limited to 21 million blocks and there are currently about 18 million Piece in circulation, crypto proponents expect this event to boost bitcoin prices while skeptics argue that halving is already priced in.
Most likely, 2020 will not be a surprising year for Bitcoin, as it is possible to continue its decline and reach new levels, the next bounce may be in the vicinity of $ 10,000.
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