Bitcoins’ price collapsed in recent weeks, resulting in many traders switching their funds into altcoins like Dogecoin and SafeMoon. As well as that, we’ve seen countries like India and Turkey moving to enforce nationwide bans on the use of cryptocurrencies, which has also affected the price of BTC. It’s unsurprising that Jeff Bezos has been doing this behind the scenes, as he’s a man with a variety of fintech interests and more than enough money to try his hand at anything he chooses. The potential of blockchain technology is unmeasurable, with the Ethereum blockchain already infiltrating a variety of different sectors; including the gambling, video games, and finance industries.
How has the news affected the industry?
Over the weekend, we saw a 15% drop in the price of Bitcoin amid a number of regulatory concerns, coupled with issues regarding power shortages which has affected the mining output for the network. Bitcoin surged to $63,000 last week, but now hovers around $55,000. The drop has sent shockwaves through the crypto industry, scaring many investors off and forcing traders to sell their assets, which has further affected the price. The volatility of the price of Bitcoin is not news, the fact it’s slumped by almost $10,000 is however. Bitcoin is still growing at an astounding rate year-on-year, so investors won’t worry too much about the recent drop in price. If anything, right now Bitcoin will be viewed as a cheap purchase. However, as always with cryptocurrency prices, we can never really be sure that the price will rise once again. However, Bitcoin has the backing of billionaires like Elon Musk, having invested some $1.5 billion earlier this year. He’s not alone either, major financial institutions like BNY Mellon and J.P. Morgan have also shown their hand when it comes to crypto and backed it with billions. The move differs from what we saw from Elon Musk and his Tesla vehicles. As he has made it possible for customers to purchase products using cryptocurrency, except using existing coins like BTC and ETH. Thank you for visiting techfollows.com.
