Yet again, Bitcoin drops to $6,455.92 in just two hours which is the lowest since last month, according to the CoinTelegraph. It is expected for Bitcoin to further decline by next month to as low as $6000. With its continuous downfall, it is expected for bitcoin to go as low as $5,947 by February 2019.
The Coindesk explains the fluctuations of this currency by a graph:
Bitcoin has fallen 5 percent more (around $280) in the last 24 hours, which adds up to a total of 60 percent depreciation since April. Not only Bitcoin but other currencies such as Litecoin has gone as low as $98 with it’s highest being $120 by the beginning of this month, according to WorldCoinIndex. Although, it is expected for Litecoin to progress in value in the coming weeks.
Now there are people becoming worried about bitcoin investments on one hand and then there are people like John McAfee and Tim Draper- some of the few Bitcoin enthusiasts with crazy valuations. McAfee says that:
Do not panic about the drop in Bitcoin’s price. It is an overreaction to the news that Bitstamp, Coinbase, itBit, and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.
On 11th June, we reported that the currency declined $500 in just 24 hours. It reduced 4 percent in just 24 hours two days ago and now has fallen one more percent in just two hours. This might be the point of retreat by most investors since it is the biggest cryptocurrency by digital marketing capitalization. As Bitcoin continues to decline, people are becoming skeptical when it comes to investment. It is not new for Bitcoin to decline at this rate, and is expected to fall down even lower in the coming months before it rises again by the beginning of 2019.