BITCOIN suffered a dramatic start to 2018 with huge price fluctuations as the cryptocurrency dropped to devastating lows again last week. BTC made slight recoveries this week – so why is Bitcoin rising today and will it fall again?
The value of cryptocurrency bitcoin plunged last month, and again last week, amid fears trading could become illegal in a number of countries.
South Korea and India have both issued warnings to the market, threatening to pull the plug in a devastating blow to prices.
Already a volatile cryptocurrency, bitcoin hit a record high when it passed $20,000 in December to the delight of investors.
But BTC’s value has since shifted unpredictably, with wild drops and subsequent recoveries seeming to become a never-ending cycle of highs and lows.
Last week, the value plunged again from nearing £10,000 to $6,000 in just four days.
But after a little recover, the currency now appears stable at between $8,000 and $9,000.
Bitcoin price LIVE: BTC nears $9,000
BTC’s price this afternoon stands at $9,321.74 – a rise of 7.39 per cent today with a potential $10,000 return set to arrive before the weekend.
Most of the price volatility seems to be over, and a slow bullish rise to now continue for another half-month or so according to experts.
Why is bitcoin’s price rising and will BTC fall again?
Recent events in the cryptocurrency world have demonstrated just how quickly prices can change – rising to dizzying heights before crashing to catastrophic lows.
The cryptocurrency’s value plummeted ahead of Christmas, at one point dropping by almost $2,000 in just an hour in a terrifying 60-minutes for investors as BTC went into the red.
BTC soon bounced back but tumbled again in mid-January – then recovering again and plummeting at the start of February.
Bitcoin notorious volatility means BTC is expected to continue to shift unpredictably amid fears bitcoin has created a bubble that could burst at any moment.
The so-called real Wolf of Wall Street, Jordan Belfort, warned the bitcoin bubble will burst and hurt ‘honest people’ who invested in the cryptocurrency.
He said: “The ones who are getting there because they’ve been sold the bill of goods, they believe, and these are not stupid people, many of them are smart people, they’re not naive even.
“It’s just human nature to jump on the bandwagon, it’s what every great bubble is made of and they’ll call this the greatest bubble of all time.
“The ones at the end of the day that typically get slaughtered the most are the average mums and dads.”