We all are familiar with the volatile nature of cryptocurrencies. Factors like supply and demand and cryptocurrency regulations play an essential role in existence. Recently the cryptocurrency market again witnessed a massive dip after the sudden surge. Bitcoin just declined by 20% after touching its all-time value on the 10th of November.
Bitcoin was trading for $68000 on the 10th of November 2021, the recent highest price of bitcoin was $65000, and bitcoin touched this value amid April. Bitcoin trading is one of the profitable ventures right now. To make your bitcoin trading journey more interesting, you should know all the fundamentals of bitcoin trading. Websites like Bitcoin Smarter are helping millions of people in learning the fundamentals of bitcoin trading. The cryptocurrency dip is worrying many people, mainly the people who are new in the market.
Cryptocurrency experts speculate a crisp pullback in the price point despite a considerable dip. In a nutshell, you don’t need to worry about the cryptocurrency dip at the instance; all the more, you can invest some more amount in robust altcoins to acquire some significant profits. Let’s discuss some latest news and updates regarding the recent cryptocurrency dip after a sudden surge.
Cryptocurrency dips by 20% in just two weeks
Down by 20 percent in the past 14 days, bitcoin was trading at a value of $56000. So keep it concise; the value of bitcoin is decreasing at an enormous pace. However, we all are familiar with the volatile nature of bitcoin.
In a single day, bitcoin fell by 3 percent, and this is the sixth sequential day of continuous bitcoin decline. Bitcoin is consistently declining after it touched its all-time high on the 10th of November. Bitcoin set up a benchmark amid April by touching a milestone of $65000.
Despite the dip, strategists and proficient analysts are expecting a cryptocurrency pullback in the upcoming months. Bitcoin might even touch a price of 100K dollars by the end of this year.
Cryptocurrency regulation in India
India’s financial authorities have been passing statements regarding cryptocurrency regulation in India for a very long time. The Reserve bank of India was about to table a bitcoin ban bill in the parliament spring session. However, due to some reasons, the national bank of India suspended these progressions.
Many people have been coming to light regarding the cryptocurrency front, both in India and abroad. According to some rich sources, India is mulling over the cryptocurrency regulation. The bill may be tabled in the last session of parliament of 2021. The speculation is that cryptocurrencies will be regulated in the asset class with a store value and not be considered a currency.
Mt. Gox will payout 1 50,000 BTC.
Mt. Gox was one of the most popular trustable exchanges at the early stages of bitcoin. Unfortunately, Mt. Gox scammed its customers and stole 850000. Yes, you read it right. According to some sources, Mt. Gox went bankrupt but still has agreed to pay 1, 50,000 BTC after almost seven years.
The phased payout of Mt Gox will increase the supply of bitcoin units to an exceeding extent. Supply and demand are significant factors that can influence the market value of bitcoin. The payout of Mt. God will lead to an immense increase in supply which will automatically decrease the demand and lead to a decline in bitcoin’s value.
An individual from Karnataka named Sri Krishna was recently accused of online drug dealing and hacking cryptocurrency exchange. According to the statement, Sri Krishna stole almost 5000 bitcoins from different wallet addresses of bitcoin holders. All the more, he hacked some exchanges multiple times.
Krishna also hacked a government-based website and transferred 18 crores to his bank account. In 2020 CCB seized 31 bitcoins worth nine crores from Sri Krishna, but the government authority does not record these bitcoins. Congress party is now accusing the BJP government of Karnataka of covering up the bitcoin scam. They have also stated that the chairman of Karnataka might also lose his chair.
However, you don’t need to worry about all this, as volatility is one of the critical factors of cryptocurrencies. You should only dive into the cryptocurrency market if you have some patience.