Why did the bitcoin value drop drastically this past week?
If you are on the internet, chances are you have heard of bitcoin, cryptocurrency and dogecoin — the popular meme coin. And we are sure you have heard about them a lot more this month. Bitcoin and other cryptocurrencies have been trending every alternative day on Twitter since the beginning of 2021. Some people have joined the millionaires club (if not the billionaires’ club), in less than 45 days by intelligently investing in crypto coins.
The rise and rise of cryptocurrency have attracted many people, including notable personalities like Elon Musk who once wrote ‘In retrospect, it was inevitable.’ Bitcoin, in recent times, has proved to be the best store of value and has stood the test of time since the last decade.
Yet, there ought to be certain corrections along the way. Since the past two weeks, the crypto market has seen a huge wreck — throwing investors into chaos and, especially the fresh investors who are seeing this type of plunge for the first time. Some fear that the crypto bull market has come to an end like in 2017. However, on the other hand, the expert and the true crypto maximalist are making wise decisions and taking advantage.
From May 13 to May 23, 2021, bitcoin plunged more than 40%, ether more than 50%, and other cryptocurrencies followed suit. Two reasons caused this plunge:
1. Elon Musk and Tesla:
Elon Musk, the chief behind Tesla and SpaceX made a U-turn saying that Tesla has suspended vehicle purchases using bitcoin, citing the increasing use of fossil fuels for bitcoin mining. Early Ark Invest and Square had published that 76% of bitcoin mining energy comes from renewable energy sources. Nevertheless, an elite billionaire like Elon with his 45 million Twitter followers had a huge influence on the market. His influence is also seen in how he drove the price of Doge to a crazy ride.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
2. FUD upon China’s report on banning Institution that deals with Cryptos:
On 19th May 2021, there was a report from China that the country is banning financial institutions and payment companies from providing any cryptocurrency-related services. Earlier, the People’s Bank of China stated that “virtual currencies are not supported by any real value”. Though they did not issue any statement regarding the ban on individuals for holding cryptocurrencies, with the massive population of the country, a sizable crypto market share, and the majority of the bitcoin mining centres operating in China, it did, hugely, affect the entire crypto market.
Kindly recall, China also released a similar statement back in 2017.
Despite the chaos going around in the crypto market, intelligent investors have already understood the true power of crypto and the monetary financial problem it has solved.
Crypto gives you three fundamental banking freedoms:
Freedom to send money from any part of the world,
Freedom to receive money from any part of the world,
Freedom to store value without worrying about inflation
Truly decentralized bitcoin is bringing the greatest wealth distribution in history, allowing anyone, anywhere around the world to participate in the world economy. At a time like today, the crypto maximalists who believe in its future are taking the opportunity to accumulate more of it. Corporations like MicroStrategy and hedge funds are buying the dip.
MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. $MSTRhttps://t.co/fU6LN4WbKI
— Michael Saylor⚡️ (@saylor) May 18, 2021
This is why you should buy the dip, as the market is offering you the best opportunity which you might not get again. Remember you are not delayed to buy bitcoin. You are still an early adopter if you buy today. To make it easier for you, Unocoin, India’s first and leading bitcoin and crypto exchange offers the most secure crypto wallet and also has instant and seamless INR deposit to buy Crypto.
Jab Unocoin de aapko #SeamlessDeposit toh #DepositKaro
If you are now eager to buy crypto and be ahead in the race, you can click on the link below to read the article about the steps that you need to take to acquire cryptocurrencies.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
Love Crypto Coins. Love Unocoin.
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).
NOTE: This is not financial advice, please do your own research before investing.