The price of Bitcoin (BTC), the most popular cryptocurrency, slashed nearly $ 8,000, to drop to $ 43,000. All this, after having reached its highest price since May.
Specifically, Bitcoin (BTC) took a precipitous drop. Since a volatile day took the price of Bitcoin below $ 43,000. Even being one of the most volatile days of the year.
Coincidentally, a year and 4 days ago, there was a correction equal to what is happening with the price of Bitcoin. And what happened next? The Bitcoin bull-run.
Bitcoin price collapses
Bitcoin and its things. Impressive quick drop to the $ 43,000 area. Touching old downtrend line.
As a curious fact, the same day that the president of El Salvador, Nayib Bukele, establishes Bitcoin as the national currency.
In particular, Bitcoin suffered a steep drop in price. It could be, due to the implementation in El Salvador of a new Law, which converts cryptocurrency into legal tender.
In particular, the President of El Salvador said: «Like all innovation, the Bitcoin process has a learning curve. Every road to the future is like this and not everything will be achieved in a day, or in a month. The savior has the right to advance towards the first world».
According to analyst Glen Goodman: «Horrible damage is being done to the charts in BTC. And the rest of the crypto market».
Since then, it has recovered slightly. And it goes back to trading above $ 47,000.
What else could it be?
According to EnQuéInvertir (EQI), an important news portal about cryptocurrencies, indicated that it is the question that everyone asks. Which could point to the whales.
That is, according to the portal, the cause of the fall could be a massive sale by large crypto investors, known as whales.
In this regard, the trader and analyst, Scott Melker, blamed the high volume traders: «Let the whales ditch Bitcoin, the day El Salvador turns it into legal tender».
Likewise, Andrés Tejero, the CEO of EQI expressed: «Personally, I think this is a profit taking after the Bitcoin spiraling up from $ 29,000 to $ 53,000. As I said a few days ago, at the $ 51,500 level this scenario was possible. This would bring BTC to $ 43,000 or $ 44,000».
In short, at the time of this writing, with prices still unstable, Bitcoin (BTC) is worth $ 47,000, according to our Crypto Online tool.
Finally, remember that the price of Bitcoin fluctuates. That is, it can go down or up in price.
After all, is it necessary to take advantage of buying the largest amount of Bitcoin (BTC)? Leave your opinion in the comment box.
The latest: El Salvador bought another 150 Bitcoins. Thus adding a total of 550 BTC.
I retire with this phrase from Glen Goodman: «Is this a new test of that line or the beginning of something much worse?»