Bitcoin’s value drops by 30% in one week – Dips below $39,000

The past week has been a disaster for Bitcoin investors, with Tesla pulling its support for the currency while China bans financial institutions and payment from utilising speculative cryptocurrencies. 

Since last week, Bitcoin’s value has dropped from over $56,000 to below $39,000, a drop in value of over 30%. Looking further back at Bitcoin’s all-time high value of over $64,000, the situation looks even more precarious for crypto investors. 

Bitcoin’s fall has also caused competing cryptocurrencies to lower in value, with Ethereum’s value lowering to around $2,800 from last week’s high of over $4,300. XRP, Stellar and Dogecoin have also fallen in value, alongside practically all other major cryptocurrencies. 

At this time, it is unknown whether or not Bitcoin and other cryptocurrencies will continue to fall in value at this week’s rapid rate. Some analysts have predicted that Bitcoin’s value will rise again soon, assuming that the currency can maintain a value higher than $30,000. Bitcoin’s value rose to over $30,000 at the start of 2021, making any value above that a positive metric when it comes to year-to-date financial returns. 

How far will Bitcoin’s value fall? Who knows? Will it rise again? Again, who knows? As we have repeated time and time again that Cryptocurrencies are risky investments. We can’t predict the future here, and this news post should not be considered as financial advice.