- This COVID-19 pandemic has affected not just offline works but the virtual world as well.
- The significant drop in value was seen in Bitcoin on May 9, 2020.
- The BTC prices have floundered and failed to recover their losses.
Bitcoin Price is fluctuating between $8,000 and $9,000 today. It lost more than 16% of its value because of this drop. Today, no business seems to be 100% secure due to the Covid-19 hard hit. Anyone who invests in cryptocurrency or anywhere in the market must be prepared to lose a large chunk of it.
Many analysts believe that the drop in the price is because people panicked to the extent that they have caused this significant decrease. People are certainly nervous before the halving.
Experts views on Bitcoin Price Drop :
Denis Vinokourov, head of research for London-based digital asset firm Bequant, noted that “Bull” push BTC above $10k level, there is still a lack of follow up action. This suggests that even if the bitcoin has potential, the hesitation from people have created uncertainties for the upcoming halving.
John Iadeluca, Founder & CEO of multi-strategy fund Banz Capital, stated that Bitcoin halving is insane and it will create so much chaos that miners will shift to pseudonymous network. Since miners will be getting less after halving, it is justified for the people to get panicked. If this continues there will be a drastic decrease in mining activities.
What will happen?
We are still unsure of the future of bitcoin and cryptocurrency. But one thing is sure that BTC has potential. And it has enough potential to raise its value much higher than it ever was. It might take years but the future for bitcoin is bright.
The bitcoin halving event has just begun, it is yet to see if demand and supply pattern works in crypto or not.