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Bitcoin plummets to six month low

The price of bitcoin has fallen to a six-month low following the second major crash in the space of just three days.

The latest dip in value occurred on the 24th November, and saw bitcoin plummet to approximately £5,400.

Michael Novogratz, the CEO of Galaxy Digital, suggested that the value of bitcoin is likely to remain below $7,500 for a while, commenting: “BTC chart needs to recover $7,500 in next two days or we will be in a $6k-$7,400 range which would be less than pleasant. BTC still up 95% on the year to keep perspective, but man, I liked it better above $10k,”

Not all experts believe this decline in value to be a bad thing, however. Peter Wood, CEO of CoinBurp - the cryptocurrency trading platform said: “…new-time investors can be comforted in the fact that [bitcoin’s] value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity than to invest now.”

Peter went on to suggest that bitcoin’s decline, and eventual inclince, in value is a precedent already set by the cryptocurrency: “…with any business investment or purchase, the aim is to buy low and sell high. Those who invested in Bitcoin this time last year probably purchased at the value of $3,000 to $4,000; within just seven months, this value almost quadrupled to $12,000.

“Year on year the tail end value of Bitcoin is increasingly higher, thus demonstrating gradual annual growth. Whilst nobody really knows what direction the value of any cryptocurrency will head in the near future, past trends display a possible large increase within the next 12 months at least.”

This was posted in Bdaily's Members' News section by Nick Till .