Now that BTC suffers a sharp drop, is now the right time to buy?
BTC is still vulnerable to price swings
Bitcoin formerly rose to a new all-time high of around $64,000 per unit in April. But the world’s number one cryptocurrency has seen a series of drops. BTC took it down to the low of $30,000 at one point. Having a loss of over half its value from two months ago.
Now it seems like Bitcoin may be starting to rise again. Because it jumped by about $5,000 in the last few days from $32,000 to $37,000 as of now. Because of this, many people believe that the currency could be trying its luck at another bull run. And they are speculating if they should buy before it gets expensive.
Binger says that one of the biggest concerns with Bitcoin is its alleged lack of security. He says that the space is unregulated, which is why he cannot always ignore his clients being involved in crypto.
Are Speculative Assets Ruined?
Sanchez gives a similar sentiment, and she goes as far as to say that bitcoin is hurting all speculative assets in a way:
While Bitcoin witnessed its price boom in 2020, this was also a sign that its volatility did not improve over the past few years. With the currency jumping from $4,000 to nearly $30,000 by the end of the year. Since then, the asset exploded in price and tripled its end-of-2020 mark, reaching over $60,000 a few months later.
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