Last weekend started off great for the Bitcoin price, with the good luck pouring over to this week.
And as if that wasn’t enough, the price that was already high enough kept getting higher to a point of hitting an unbelievable peak of $14,000 (Ksh.1,433,040) on Wednesday, this being the highest value since January last year.
It’s pretty obvious every individual and business that has a part in the cryptocurrency was having a blast but all the excitement was watered down in a matter of minutes when the value dropped after a report of an outage on a renowned cryptocurrency exchange.
This took the value down to about what it was before the incredible rise days ago.
This may be a reason for those totally against the crypto world concept to stand with their I-told-you-so but it is almost as scary as it is interesting to see the sudden and swift fluctuations that have been happening over the last week or so, bringing back memories of the shameful collapse that fell upon the currency around the end of 2017. These quick changes that seem to be both positive and negative may be more and more of evidence why many still decline from investing in this young industry.
This may then beg even more question of which side is on the safe side as far as spending even a dime on Bitcoin and other cryptocurrencies is concerned. Do we follow the ones who still call this a “pump-and-dump scheme” in the fears that many who have invested will eventually lose their hard-earned income or do we follow the ones who still claim that the crypto world is a land of opportunity and the future of the world’s economy?
Even with Facebook’s new currency, Libra, still underway, one can’t help but be torn in dilemma on what is really the right thing to do.
“It seems the crypto market got a bit too hot yesterday and is now cooling down,” wrote Mati Greenspan, senior market analyst at trading platform eToro, in a note.
It is all up to everyone to decide which side to lean on despite the different sides from proponents and straight-up opposers. But one thing that may be clear is that it is definitely a crucial and still dangerous time for not only Bitcoin but also rivals like Ether and Litecoin, that also fell yesterday by 14%.