It has been a very unpredictable year for Bitcoin. Investors have seen very big highs and lows without any reason for the fluctuations. It hit a high of around $10,000 a month ago and things were looking great. However, the bottom fell out of the market and the value plunged all the way down to $8,000 where it currently remains. This is where the value was earlier in the summer. Investors thought that the rough times were in the past when the value started to skyrocket. There were many supposed experts who predicted that the value of Bitcoin would keep going up. However, it seems that those people were very wrong.
People are still trying to figure out what caused the recent Bitcoin crash. There are some people in the media who are pointing to the recent announcement by Facebook CEO Mark Zuckerberg that the company’s new Libra cryptocurrency might not be launching in 2020 as planned. These people are saying that Libra’s possible delay has caused people around the world to lose their confidence in the long-term viability of Bitcoin. Therefore, the value fell off a cliff in the past week. Zuckerberg’s announcement may or may not have been the culprit.
According to Market Watch, the recent volatility of Bitcoin might scare a lot of people away from investing in it. People generally want to invest in things that don’t have the potential to lose 20 percent of their value in a matter of days as Bitcoin has done. Will it be able to bounce back? Only time will tell. It was thought that Facebook’s Libra might make cryptocurrency much more mainstream in the eyes of the general public. Therefore, investors thought this might help the overall value of Bitcoin. Facebook not launching Libra in 2020 could have an enormously negative impact on the cryptocurrency market as a whole.
What is the future of Bitcoin? Will it ever rise to the previous height of $10,000 like it did very recently? This is something that nobody knows the answer to. There are many investors who have held onto their Bitcoin after the recent crash. They are hoping for a rise in value. They are not willing to sell their current Bitcoin stash at a huge loss. It remains to be seen if this is a good strategy. There is a chance that Bitcoin might drop even lower than it is now. We will have to wait and see.
