The price of Bitcoin has seen its biggest crash since the start of 2021 last month, rivaling the percentage declines in February 2014 and September 2011. Although Bitcoin has been volatile, it has yet to recover to the previous high levels and still lingers around the $35,000 mark.
The trade volume is significantly lower than its all-time high of over $60,000 back in April; even the price has been lacking. One speculation could be, people expect the price of Bitcoin to sink even lower, so big players are yet to make a move.
In the meantime, Miami, FL, is set to host the largest ever cryptocurrency conference this week, including Twitter CEO Jack Dorsey and Miami Mayor Francis Suarez. They intend to make Miami a central “hub” for cryptocurrencies. It will help further strengthen Bitcoin and other crypto’s coverage among people and create a platform for better monitoring and regulating the market by the government and other policymakers. The US has been planning a cryptocurrency crackdown for a long time now; with stronger regulation in place, Bitcoin will become a much more substantial investment than today. Let’s see how the price reacts to this conference, if at all.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.