Bitcoin's value drops by 30% in one week - Dips below $39,000
Will this drop continue?
Published: 19th May 2021 | Source: Coindesk - For Bitcoin Pricing |
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.
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.
You can join the discussion on Bitcoin's value plummeting on the OC3D Forums.
Most Recent Comments
The major energy efficient Proof-of-Stake coins/blockchains Ada(Cardano) and Dot(Polkadot) have still taken a small hit but faired much better than their traditional Proof-of-Work alternatives, mostly holding their previous gains, might be indicative of the markets direction as a wholeQuote
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Originally Posted by tgrech
The major energy efficient Proof-of-Stake coins/blockchains Ada(Cardano) and Dot(Polkadot) have still taken a small hit but faired much better than their traditional Proof-of-Work alternatives, mostly holding their previous gains, might be indicative of the markets direction as a whole
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It will be interesting to see how things go, but I will be glad to see crypto stop having an impact on the gaming market. I'm sick of this GPU shortage.Quote
I do hope all those morons who bought at the top of the curve, are now about to lose everything.
Parasitic scum, the lot of 'em.Quote
Parasitic scum, the lot of 'em.Quote
Quote:
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Originally Posted by Bagpuss
I do hope all those morons who bought at the top of the curve, are now about to lose everything.
Parasitic scum, the lot of 'em. |
Quote:
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Originally Posted by Bagpuss
I do hope all those morons who bought at the top of the curve, are now about to lose everything.
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I have less problem with those who buy than with those who mine.Quote
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