As there’s been a downfall in the weekly values of Bitcoin price by -19.6 per cent, as of today’s date, the newbies to Bitcoin markets are panicking at this sudden decline of its price in the market. Also, the Blockchain data indicates that the recent bitcoin market correction might be due to the panic selling from new investors who had bought the world’s popular cryptocurrency for the duration of the latest bull market.
The sudden price drop in Bitcoin price was observed soon after Tesla CEO Elon Musk’s tweet in Twitter about not accepting Bitcoin as a mode of payment for selling their cars. Musk has stopped the sales of Tesla’s cars using bitcoin and he made this announcement on May 12, Wednesday. He made this decision because of the effects of cryptocurrency mining on the environment, Musk said. He further stated that he will be looking forward for another digital currency that uses less energy for mining than Bitcoin.
Soon after his announcement, a sudden drop in this popular digital currency to more than 2 month low was observed on May 13, Thursday. Its prices fall down by almost 13 per cent (more than $7,000) on the day of announcement on the Coinbase exchange, as per to TradingView report.
Bitcoin, which was launched in early 2009, was the first ever cryptocurrency or digital currency to record transactions successfully on a secure on a decentralized blockchain based network. Since then, the cryptocurrency has seen several ups and down but it finally hold up for a market cap rank at 1st and still holding up till this date. Even though, new entrants to Bitcoin markets are panicking and due to which selling the digital currency at a loss but the old investors are still having faith and are optimistic for its price rise in the upcoming weeks and are investing more in it.
Many popular blockchain data analytics firm on Monday has stated that there are strong chances that the short-term holders or newbies are leading with panic selling with an average trade at loss. Meanwhile, some data analytics firm or sites have also indicated that long-term Bitcoin holders or the old investors are still buying and investing even on the latest fall of its price.
Talking about the price of Bitcoin on May 18 is $45,066.50 US Dollar, as compared to the last 24 hours it is down by -0.06 per cent. The price value of Bitcoin is getting a rise by 0.67 per cent in hourly basis. Looking at Bitcoin price yesterday’s data, the opening price of this cryptocurrency was at $46339.9 and the closing price was at $43537.5 with the yesterday’s high at 46339.9 USD and low at 42339.8 USD. For tomorrow, the Bitcoin price is expected to hit at $46733.80 with the minimum price at 42131.00 US Dollar and maximum price at 51852.00 Us Dollar.
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