Is now the right time to buy bitcoin? Cryptocurrencies follow the pattern set by Bitcoin. What is happening to Bitcoin can happen to other currencies as well. So it is highly recommend that if you are planning to leap, it is fruitful to invest in Bitcoin.Massive inflation is hitting the crypto market. With the buzz of Bitcoin following a downtrend, the entire market has been bustling with questions about investing in it. Its downward trajectory has hit a bottom of $20376.90 since its recorded price of $68789.63 last November. We have discussed all the reasons for the Bitcoin crash and charted out some valuable tips for investing in it right now.
Fall of the Titan! Why is Bitcoin crashing?
Since December 2021, many cryptocurrencies and stock shares have suffered massive falls. But since Bitcoin has been the leading lady among all other cryptocurrencies, its tragic fall has been considered its tragic flaw.
However, many factors have contributed to its crash. One main reason is that fiat currencies such as the US dollar and pound have increased their interest rates. Furthermore, many countries, such as China and few others have made transactions in cryptocurrency illegal.
In addition to this, the turmoil and political afflictions around the globe have caused a lot of deviation in the stock market. The pandemic turned over the entire planet. The instant stock market has suffered huge losses and is still facing a significant recovery.
Another reason causing prices to plummet is that Russia is on the verge of banning cryptocurrency and mining.
All of the factors mentioned earlier have been contributing to devaluing Bitcoin. But worry not because it is still a great coin to invest in for long-term profits. So buying bitcoin to add in your portfolio while it’s still down is the wise choice.
Bitcoin is the real deal! Is it the right time to invest in it?
Yes, it is prime time for many investors to invest in the power of Bitcoin. Many believe it is not a good idea since its market value has decreased 4% until today, May 2022. But the rule of the thumbs still applies that money-making all depends on how the investor analyzes the market and makes effective strategies out of it.
If the investor is willing to sell his coin based on the current scenario of Bitcoins price, then he might be at a loss. The first thing that investors need to understand is that Bitcoin is a highly volatile coin. Its price keeps on changing.
For instance, in 2018, its price decreased by 73%, and many investors suffered a lot. In contemporary times it has lost almost 40% of its value. However, one cannot negate Bitcoin’s impressive feat since July 2020.
In 2020 it rose significantly, and many profited by 300%. Many investors generated a profit of millions out of it. By analyzing the pattern that Bitcoin is following from February 2022, its price was nearly $40000, then it went up again in April to almost $41000, and now in May, it had a massive downfall and reached $29047.
Considering the balance sheet, many finance experts believe that its price will exceed a million dollars at some point.
Furthermore, in the current scenario, Bitcoin is creating new market dips. Many stock shares have decreased their prices due to it. Therefore, it is a viable option for many investors to buy, take the risk, and invest in Bitcoins.
Investors shouldn’t worry about the price drop; if they plan to make a long-term investment, it’s a good strategy to buy
Bitcoin is at a reasonably low price and there are 100 percent chances that it will become a top-notch coin again. Bitcoin provides you with cyber security as everything is recorded and legalized on a blockchain public ledger. It gives the investor a private key that only he can access.
Moreover, there is no third-party involvement, and transactions occur directly and smoothly. Its notable feature is that all transactions are confidential yet traceable. This means that whenever a cryptocurrency broker or crypto exchange platform is used, proof of Identity is required whenever a transaction is made, thus making Bitcoin reliable, convenient, and secure.
Additionally, it is one of the most traded coins around the globe.
Remember that other cryptocurrencies follow the pattern set by Bitcoin. What is happening to Bitcoin can happen to other currencies as well. So it is highly recommend that if you are planning to leap, it is fruitful to invest in Bitcoin.
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