Bitcoin’s Price Fall Recorded over 70%, Investors at Risk
The volatility and the risk factors of Cryptocurrency markets are known to all. However, with the unforeseen Bitcoin’s price fall was by 70% having taken away every investor’s sleep of the night. Matic is a digital token used on the blockchain adaptability-based Matic Network, which has suddenly crashed around 70% last night. Its price has dropped from $ 0.042 to $ 0.013 under an hour. The reason was not clear immediately but Chief Executive of popular Bitcoin and Cryptocurrency exchange Binance, Changpeng Zhao, has tweeted to encourage Matic users. Changpeng Zhao said that the team is looking into the data, but it is easy to understand that Bitcoin’s price fall is not under control of Matic’s team.
The co-founder and COO of the Matic Network, Sandeep Nailwal has stated he is looking for the reason behind such fall. Nailwal said, it is clear that the authorities cannot be held liable for this, as some accounts are trying, they will post a detailed analysis and stronger solution. Widely it can be said the Cryptocurrency market, as well as Bitcoin’s price fall, have slashed down so much recently.
One of the most popular names in Bitcoin and cryptocurrency and trader Alex Krüger has taken the fall of prices as: “The stuff of dreams and nightmares.” He also tweeted stating that it can happen to anything that happened to Matic so there is no need for worrying. Matic has increased over recent weeks and has made a market capitalization of over $100 million for the first time since its launch earlier this year. Bitcoin’s price fall could be observed from December 9 onwards with its price above $ 213.
The price graph showed disarranged movements till 12 of the day, thereafter we saw a bounce that took the price to the day’s high of $ 215.34. After this, it slashed down to $ 210 and then even below $ 209. The comparison of the Bitcoin Cash/ U.S. Dollar followed a shaky movement of prices throughout the day, while there was a drop to $ 206, where it was Bitcoin’s lowest of the day as $ 206.05. Currently, it is trading at $ 208.19. The Relative Strength Index has stayed between the levels 30-70 for a one-day price analysis depicting there has been no overselling or overbuying on December 9.
A cryptocurrency analyst has charted the asset using a logarithmic curve which can be expected to provide clues if Bitcoin’s price could reach $ 100000 or higher. Bitcoin is the world’s first cryptocurrency and blockchain technology cane tagging along in the market scenario. With the appearance of these two technologies into play, we can expect a rapid and major change in the financial markets and how people see currencies and money. But something that comes with great expectations on pen and paper might not always be fruitful when it comes to price graph. The logarithmic curve in question has been supporting Bitcoin’s pricing since its inception, allowing technical discussions on how an asset can reach the heights of expectation and by when. According to the analyst, all derived from Bitcoin’s logarithmic growth curve, Bitcoin by market cap could touch the price of $70,000 in March 2024, or $170,000 in September 2028.
But just because Bitcoin price can reach such numbers, the asset’s notorious volatility cannot be taken lightly and investors should always go forward with precautions and required measures before the vicious loop starts once again.Although, limitations of the logarithmic growth curve suggest that Bitcoin’s price fall has decreased to a lot of extent and will decrease even further in future days to come and the asset reaches its full valuations and potential.
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