The story of Bitcoin


Last week, Bitcoin slumped 7% to near $35,500 while recalling levels seen in the crypto meltdown. Bitcoin, the world’s most famous cryptocurrency has been struggling to improve after a week of chaos. Cryptocurrencies continue to divide opinion.  Last week In a 41 page note , Goldman analysts revealed their views on whether the likes of bitcoin and ethereum should be measured an asset class or not. It is estimated that currently there are over 5 million Bitcoin users in the world. Every day, thousands more are linking and all of them are more than open to start trading and making money.  The bitcoin crash has spilled over to other cryptocurrencies, too. Binance coin, XRP and Polkadot have suffered massive losses this month. Bitcoin is infamously instable and prices remain up more than 25% this year notwithstanding May’s collapse. So long-term fans, or traders, have been down this road many times before. Bitcoin prices dropped from nearly $20,000 in December 2017, which was a highest at the time, to lower $3,500 by early 2019 before recovering. And bitcoin’s drop of nearly 40% in September 2011 was really the middle of a three-month slide from August through October of that year where prices fallen more than 35% each month. Anyone who held through that unrestrained period is having the last laugh though. Bitcoin prices hit a low of $2 in October 2011 and now trades for around $37,000. Recently, China also has stepped up its restriction on crypto and the United States Treasury department has disclosed new plans to tax bitcoin more profoundly while their Federal Reserve has hinted about the option of a digital dollar.

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