Time to buy Bitcoin?
Bitcoin has reached the lowest point for the previous four months. Thus now it has the lowest price since the very spring and is set on the mark of $7,800. The question if it reaches $7,500 however is still open, as well as the one if it is high time to buy Bitcoin or not yet.
Big Crash for Big Currency
The currency experienced a flash crash and crashed $1,500 in less than 24 hours. It happened in Tuesday and BTC experienced rough volatility. The threshold of $8,000
Was touched and, according to some analytics, reaching $7,500 is just a question of time. They might be right as far $7,800 is already hit. Nevertheless, some consider it is time to buy Bitcoin.
No Recovery, but There’s Still a Chance
The dramatic crash happened after some hope for recovery appeared on the 26th of September. So the sell-off happened after the price went up to $8,600 after having fallen to $8,150. Later on BTC hit the mark of $7,830, burying any hopes for recovery and stabilization in the next couple of hours.
In total, according to the data provided by Coin360, Bitcoin had dropped more than 21% in the last 7 days, however the most dramatic drip happened in less than 24 hours, when the coin experienced 5.3% loss in value.
Has Time to Buy Bitcoin Came at Last?
As far Bictoin lost more than 9% in value in New York and trade was executed at the lowest point of $7,736, some analytics consider it to be the best time to buy the currency. But are there any real signs of recovery? Difficult to say, especially after the false recovery movements earlier this week. At present the current price is the lowest one since May.
Coincidence or Bakkt’s Impact?
Trading platform Bakkt had launched new features on September 22nd. This event was followed by the red wave on crypto markets. Based on the most recent research data some reports state that the settlement of the features resulted in changes of the price of Bitcoin. Arcane Research also said that CME Group’s Bitcoin futures settlement had a negative impact on the market in general. This conclusion was made based on the fact that the previous dramatic dropdown of the markets happened right before CME issued payouts.