Reason for Bitcoin Price Drop?

In the period of week, bitcoin is on a slight recovery mode as it is trading well beyond the mark of $6000 level. According to CoinMarketcap, on 11 Aug, the bitcoin was trading at $6,140.39, thus the level has seen an upward mark after continuous low since three weeks.

Reason for Price Drop

It was proposed by an investment company, VanEck in a partnership with a financial services firm, SolidX. that SEC’s decision on postponing the Bitcoin ETF caused a substantial decline in the current price of Bitcoin. However, most of the analyst believed that the approval of a Bitcoin ETF (exchange-traded fund) could potentially initiate in long term run.

It is said the Bitcoin ETF is based on crypto financial instrument that tracks Bitcoin price as well as the list of cryptocurrency exchanges. On top of all, investors with Bitcoin ETF actually don’t have to purchase the underlying assets. Accordingly, many investors consider ETFs as the most secured way of investing.

On the other hand, SEC also didn’t turn so well for billionaire twins and founder of Gemini crypto exchange, Cameron and Tyler Winklevoss. However, the twins had purposed a push for a Bitcoin ETF for second time.

Whats dominating on Bitcoin Network?

About five years ago, more than 90 percent of all transactions on the bitcoin network was linked to some kind of criminal activity. This was revealed by Drug Enforcement Agency (DEA) agent Lilita Infante who has been dealing directly with criminal activities relating to Bitcoin. Reports from the same agent indicates thatthe  illegal activities shrunk to just about 10 percent. Besides the speculations becoming a dominant driver in the bitcoin network.

Meanwhile, bitcoin is fairly popular with the non-geek community and non-criminal personalities, who  were the only enthusiast of the cryptocurrency. At the moment any normal investor can invest in bitcoin, given that the widely available investment and trading platform already existing.

Top Experts Predicting high on Bitcoin

Even the present crypto market that seems to be so uncertain, several crypto experts have been predicting high on bitcoin price level.

The famous crypto advisor, John McAfee has predicted high run on Bitcoin. He also believes that a gradual upsurge is an indication to set a future trend. In his official tweet, McAfee states that if a 10 times more increase is a succession which has to be consider as a Bull. Previously, he had predicted that bitcoin price would hit up to $5000 by December and $500,000 by 2020. However, more surprisingly price was at $20,000 mark.

Even other experts have kept their predictions high. Roger Ver and Tim Draper accordingly to the McAfee’s statement believe that Bitcoin’s value could hit up-to $250000.

Bitcoin latest Trends

In a wide exploration of cryptocurrencies, bitcoin can be considered as most adopted crypto assets in a market. However, according to google trends, terms related to Bitcoin and cryptocurrencies are not searched significantly as compared to the search volume in the month of December 2017. On contrary, there is a rise in the number of crypto related firms, manufactures, individuals accepting payment in bitcoin.

Is bitcoin to be a worth lot more in future? What do you have to say about it?