Bitcoin, Who hasn’t heard about Bitcoin? Bitcoin was introduced way back in January 2009. Though it did not contain any sort of value back then. As a matter of fact, Bitcoin was being traded for as low as $0.08 per coin back in 2010. As people started using this coin online as a currency, It soon made its way to the stock market where investors started to put their money into the idea. It soon became popular and currently, it holds a value of around $56,000 per coin.
Bitcoin has continued to generate excitement this week with its ups and downs. On Saturday, Bitcoin faced a massive surge in its value where it dropped almost 14% within an hour, where earlier the currency was being traded at almost $56,000, it massively dropped to $51,000 within one hour.
Bitcoin is not the only digital currency that caught the attention of investors, there are a few, namely, Ethereum, Ripple, Litecoin, Neo, and IOTA. Recently, another currency called Dogecoin also gained enormous value even though it was just made for fun by a pair of software engineers back in 2013, they used the Shiba Inu meme as the currency’s logo, they state that it was made for fun and the purpose of memes.
People are still figuring out why the sudden drop in value occurred, though some people assume that this might be due to the government officials trying to catch money launderers who’re using online currency as a figure to hide their transactions.
The competition between cryptocurrencies is also rising. China has also seemingly launched their cryptocurrency called Digital Yuan, which can also be put as a reason that Bitcoin faced a sudden drop as China has one of the most investors in Bitcoin. Last year, the Digital Yuan launched in four cities, as well as the venues for the Winter Olympics. Since then, 10 cities and provinces including more than 100 million people now have access to this digital currency.
Investors are still hassled from Bitcoin’s worth going down, Researchers state that people who own a piece of this currency should not hurry in selling it out because of this minor shock as this is just temporary and hopefully for the investors, Bitcoin will recover its value and may increase to a huge worth in near future.