After weeks, Bitcoin drops below $11000
This is not really good news for the world’s top cryptocurrency by market cap to experience such a nasty fall. Having enjoyed being above $11K for weeks, Bitcoin dropped to $10,800 at the time of writing this article.
After months of suffering from the Coronavirus pandemic, USD is recovering and regaining strength and keeps its place in the top currencies. This is of course good news for the US and some countries, it’s not so good Bitcoin. As Bitcoin price always drops when USD is on top of the currency chart.
Previously it was assumed that the USD was subject to harsh economic situations like inflation. Therefore, many considered Bitcoin as the replacement which is not vulnerable to inflation and serves as a powerful and trustworthy asset that hedges your wealth in economic downturns and harsh financial circumstances.
Although very volatile, Bitcoin has not failed people entirely regarding the past two months and has remained quite stable although it has been volatile and weak in maintaining the momentum which pops in when crossing the threshold. As of now, Bitcoin has plunged below its level by $1000.
Some predations have been made regarding the future days of Bitcoin, and even some believe that this cryptocurrency may have a quick crash, others like Mike Novogratz of Galaxy Investment Partners disagree. He believes that Neither Bitcoin nor Ethereum is going away. And the cycle of innovations continues.
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