The Cryptocurrency market is famous for its extremely volatile nature but what happened just now is not less than a shock for many, The most volatile move of Bitcoin which brings Bitcoin from $8,000 mark to as low as $7,450, Bitcoin lost more than $500 in a matter of minutes hitting five months low. The Price of Bitcoin is currently trading above $7600 Mark.
The recent fall of Bitcoin was completely unexpected, while many traders coming up with different reasons behind this downfall. According to crypto pundits, the recent fall in Bitcoin price is a result of Zuckerberg’s Libra Testimony.
I wonder if Libra basically comes down to an attempt to heal a narcissistic injury by Zuckerberg inflicted by the winklevoss successes with Bitcoin? 🤔 https://t.co/QSFRxxkC4d
— CryptoDec (@CryptoDec) October 23, 2019
While traders believe this fall has resulted from the action of bitcoin’s rejection at $8,300 mark, the crypto twitter reacted on bitcoin’s recent fall indifferently while somewhere optimistic others seem to lose confidence.
According to twitter user – ” Bitcoin is down. As expected, not a great financial decision for those who invested in the cryptocurrency.”
— Bettina Awad (@AwadBettina) October 23, 2019
As usually Bitcoin takes all altcoins down after itself… pic.twitter.com/mnTmeEx6cB
— Craston_in_crypto (@CrastonIn) October 23, 2019
Despite Bitcoin’s price volatility, there are people who never stop trusting and supporting Bitcoin, no matter what happens, as they are not in crypto for making money but for the decentralised technology behind this currency.
Good point. Do more people see current state of crypto as a bear market with bitcoin down by around 46% from yearly peak? or is it not a bear market with bitcoin being up almost 2-fold since Jan.
Difficult to say, depends on interpretation. Media engagement is clearly down tho. https://t.co/1qvSJTgRqN
— Joseph Young (@iamjosephyoung) October 23, 2019