Bitcoin drop stuns crypto investors

The Bitcoin’s brief history is full of jumps and falls since its creation. People around the world already know that there is a currency they can never hold in their hands because of its nature – it’s an electronic currency usually written, quoted and heard as “Crypto Currency”.

The project itself is so unique as it’s the only successful project of decentralization of monetary assets worldwide. Since its creation the Bitcoin has become a hot topic for financial news websites as its exchange rates speculate and catch the attention of the whole world.

When Laszlow bought Pap John’s pizza for 10,000 Bitcoins in 2010 the world started taking it seriously. From 2013 to 2016 the Bitcoin’s price jumped from 17 to $770 per unit which attracted more and more people from around the globe. The first major jump in its exchange rate was witnessed in July 2017 when it jumped up to 50% per unit.

Bitcoin drop
Source @theguardian

Rise and falls of Bitcoin are associated directly with approvals of software which somehow are related with Bitcoin mining, when any government approves any software which is related in mining of Bitcoin the price witnesses a jump and when any government bans any software or transactions related to Bitcoin we can see a fall in its price.

The current fall of 28% has left many stunned as the currency saw a real rise in December 2020 which attracted people from the whole world who were financially affected by COVID-19  as they could see a hope of future in Crypto Currency.

All these rise and fall stories lead investors to a single opinion that means Cryptocurrency is risky and hard to trust as many governments have still and clear bans on cryptocurrencies. Many took money off by the exchange rate they were allowed at while many others still hope to see a rise in the near future as Bitcoin is “Unpredictable”.

Dan Blake
The Gawker Contributor since 2020
New York