No one takes pleasure in seeing the Bitcoin price drop below US$10,000 right now. No one, that is, other than a few financial “experts” who will gladly tell the world how the Bitcoin bubble has finally burst. For now, we will have to endure a steep and lengthy market correction.
Surprisingly, Ethereum has seemed to hold its own quite well, whereas the Bitcoin price is down by 8.49% in the past 24 hours.
Bitcoin price could easily drop to US$8,500 or potentially even lower in the coming hours but this is all just leading to a nice upswing that follows. most Bitcoin investors are waiting for that BUIDL moment.
Why. What caused this to happen? Most blame Arun Jaitley, India’s Finance minister. Some call it a ban, the end of cryptocurrency. The fall of Bitcoin. The bursting bubble. “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said. None of that was a ban, a burst, or a fall. What it says is that the India government will do everything in its power to stop CRIMINAL use of Bitcoin and cryptoassets.
Other countries, too, have been jittery in this regard. For instance, in January China was talking about a possible crackdown on cryptocurrency trading for its citizens. Nonetheless, people give into fear, uncertainty and doubt (FUD). and yes, this caused a dip in the market, no its not the end of Bitcoin.
I’m watching excitedly for that BUIDL moment.