Bitcoin is an utmost controversial and debated topic globally. From millennials to Elon musk, everyone is just discussing bitcoin at the instance. Bitcoin has gone through a volatile route multiple times in these passing years.
The fact might amaze you that from 2018 to 2021, the cryptocurrency market has crashed three times. Still, the growth of bitcoin is just positive and nothing else. Regardless of the fact, bitcoin investors recently confronted a loss of more than 100 billion, and the unrealized losses in the recent cryptocurrency crash are correspondingly extreme.
The cryptocurrency market crash has just turned the entire market upside down as more than a trillion cryptocurrency units vanished from the industry in a nominal range of time. You can check Crypto.com for getting some considerable results in your bitcoin journey with huge profits. However, few robust sources are stating that investing in bitcoin is a brilliant idea but is it a bright idea? Let’s checkout.
What Caused The Dip?
As established above, the entire cryptocurrency industry confronted a dip on the 19th of May 2021. There were three primary reasons for the cryptocurrency market crash. The foremost one, which every possible individual acknowledges, is China announcing a cryptocurrency crackdown.
You might be familiar with the fact that recently, China’s joint committee announced that activities related to privately mined cryptocurrency would be prohibited. The activities were signalling towards bitcoin mining, financial institutions rendering cryptocurrency services, and acceptance of bitcoin as a payment method.
Regardless of the fact that China’s higher authorities did not ban any trading and investment in bitcoin, there was an exceeding extent of chaos in the cryptocurrency industry as China did warn investors and traders.
The second reason for the ban was Elon musk’s tweet regarding bitcoin. Undeniably Elon musk was the only individual who boosted the value of bitcoin, but still, recently, the tweet of Elon musk correspondingly declined the value of bitcoin to an exceeding extent.
After the announcement of Elon musk on bitcoin as a payment method in tesla motors, he tweeted a reversal announcement that just tanked bitcoin. Elon musk stated that bitcoin would not be accepted as a payment method anymore.
The third reason why the cryptocurrency market crashed was the US newly flanged crypto regulation panel. You might be familiar with the fact the United states have pocketed out more than $400 billion in profit just from bitcoin. The fact demonstrates the interest of the population of the United States is bitcoin, and in order to aim for financial stability, the United States will be coming up with a new cryptocurrency panel.
Is It Smart To Invest In Bitcoin At The Instance?
Bitcoin is an exceedingly popular cryptocurrency of all; all the more acceptance of bitcoin in contrast to other cryptocurrencies is just commendable. However, the recent incidents and behaviour of bitcoin did put the crypto investors in a dilemma whether they should invest in bitcoin. Investing in bitcoin is recommended by several robust sources, whereas few robust sources are stating the fact that the bearing run of bitcoin will continue for a much more extended period of time.
You can make the decision of investing in bitcoin, considering the history of bitcoin. As mentioned ahead, the bitcoin market crashed two times except for this one. Regardless of shattering cryptocurrency, especially bitcoin, the cryptocurrency managed to rise. All the more subsequent to every cryptocurrency crash, bitcoin has created a new record of an all-time high.
Considering the crypto crash of this time, bitcoin was immediately headed to the restoration route after the crash. Elon Musk tweeted diamond hands after the crash, demonstrating the value of bitcoin in the future, undauntedly the value of bitcoin restored from its actual price.
All the more, bitcoin mining is correspondingly banned in china, and china is the capital of bitcoin mining. At the instance of the bitcoin mining ban in China, the supply of bitcoin will be restricted for a much more extended period, and restricted supply will lead to an increment in demand.
As per the robust sources, this is the lowest value bitcoin has ever touched, and bitcoin will grow in a positive manner. Bitcoin block reward halving in 2024 will correspondingly skyrocket the value of bitcoin. To sum up, this is a brilliant idea to invest in bitcoin right now as per the robust sources.