Bitcoin has been on a crazy ride for the better part of 2021 so far, with its price fluctuating unpredictably one wave after another. On Thursday, Bitcoin went on yet another 5% drop seemingly out of nowhere. Naturally, crypto investors took advantage of the situation and bought Bitcoin at a lower price, hoping to gain profit on the next big surge.
Bitcoin’s volatility reached a 14 month high in June, with news such as China’s big crackdown and the El Salvador government trying to adopt it as legal tender, swinging its price left and right constantly. As for now, Bitcoin has practically erased all its earnings in 2021, hovering around the same level compared to the January price point. With Elon Musk preoccupied with other meme coins such as Doge, Bitcoin seems to have stabilized at this moment. But the nature of cryptocurrency means it can still go crazy over some rich guy’s tweet at any time.
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forex, cryptocurrency, commodities, fundamental analysis