Bitcoin Plunge to $50,000: Factors responsible & What to expect in coming weeks.
The past 3 weeks for Cryptocurrency traders and investors have been a roller coaster Ride, with the carriage on a continuous descent and hearts threatening to leap out of chests. Last week saw Bitcoin traded for as low as $50,500 on cryptocurrency-exchange Bityard, this price follows a continuous dip in the price of Bitcoin from an all time high of $61,000, this is a 17% drop in value. This price dip wasn't expected and was as a result of certain external factors whose cumulated effect led to the drop Factors Responsible • The first significant price slippage occured on the 15th March after the Indian Government announced a plan to ban/regulate cryptocurrency in the country. This resulted in a selling frenzy, with many Cryptocurrency investors and traders in India rushing to convert there Bitcoin to cash, wish resulted in a selling cascade involving investors from different countries. This dropped the price of Bitcoin fro...