From past 10 days when Bitcoin dropped from $19k to below $10k, People have been checking the value of bitcoin more than any other updates on their iPhones.
The dripping value of world’s biggest cryptocurrency wasn’t good welcome for Christmas. But sluggishly Bitcoin is back into recovering mode after the Christmas. It rose more than 40 percent within 24 hours by growing graph from $11000 to $15,456.40 at the time of writing.
During the crash, industry experts assumed it to be a real bubble & even financial authorities have issued warning against the firm using Bitcoin.
Accoring to Mike McGlone, Bitcoin is the crypto benchmark, but not the best representation of the technology. TenX wallet CEO Julian Hosp predicted so Bitcoin could hit “$60000” in 2018 still another crash is on way.
Major exchanges like Coinbase experienced heavy traffic during price drop and it had also blocked its trading for two hours. The price has also affected to Bitpay’s merchant’s invoice; accordingly, the firm has raised minimum invoice from $30 to $100.
Also, the Israel Securities Authority (ISA) on Monday announced that it will ban cryptocurrency firms operating on stock exchanges. In conference, the ISA chairman Shmuel Hauser stated “we feel Bitcoin is a bubble & we don’t want investors to be subject to that volatility and uncertainty.