It’s no surprise that the price of Bitcoin is going down; as many of us said that the cryptocurrency is extremely volatile. Somewhere in the middle of December Bitcoin hit a record high reaching about $19.800 and then in just a few days dropped below $12.000.
Currently, there is a lot of pressure for Bitcoin from the US Securities and Exchange Commission (SEC) which is focusing on potential regulation and issues. However, Bitcoin was down at ,000 a month ago which in fact shows that its current position (trading at ,300) is a good one.
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From this, we can see that the value shifts ever since with frequent low dips and recoveries. One of the reasons that have been the most influential is the decision of the South Korean government which banned Bitcoin trading or trading on any other cryptocurrency anonymously.
This decision had a severe influence on investors showing how quickly the situation can change for them. Also, South Korea wants all banks to use a real-name system for crypto trading so all the transactions can be traceable so they can cope with all the criminal activities.
The truth is, on a weekly scale the price of all cryptocurrencies is increasing – just like the total market cap. That said, the Bitcoin price could soon hit and test the $10,000 waters.
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