Bitcoin Price Dropped by 10% to Three Months Low — Investors are in Shock
While the cryptocurrency market was predicted to boom up in the year 2022 by several experts in the 2nd week of January, the market leader Bitcoin price collapsed for consecutive 5 days pulling it down to three month’s earlier price. The global investors got scared with this price drop and are in confusion if they should withdraw their investment bearing the loss or should wait more and let it recover.
As discussed with an expert, it is a result caused by the monetary policy recently imposed by US government. However, some finance experts said that people are rapidly switching their investment to other growing cryptocurrencies which impacted the demand of Bitcoin.
Whatever may be the reason Bitcoin holders are now in dilemma about whether the price will drop even more or there is a chance of come back after few days.
According to another report, in a meeting held by US Federal Reserve, government wants to tame the uncontrollable appetite of the people in cryptocurrency — a highly volatile and extremely risky asset.
Here we shouldn’t ignore the million dollar Bitcoin scam of Pakistan that affected the overall cryptocurrency industry badly. As per FIA Cyber Wing, Hamza Khan, the General Manager of Binance Pakistan was connected to a fraudulent mobile app related to investment and trading. So, the FIA has asked clarification from Hamza about his stand on this scam.
Now, only time can say whether the price will up again or it will continue going even more down. Till then it will be a high risk for the investors to take any decision.