I’m buying Bitcoin despite its recent low and here is why!
- Bitcoin has dropped below $30,000.
- This led to a $90 million drop in value across the cryptocurrency market.
- This puts Bitcoin at one of its lowest values within the past few months.
This year has been quite interesting when it comes to the entire cryptocurrency industry. Bitcoin BTC/USD is the largest cryptocurrency on the market, and whenever it shifts in value, altcoins tend to follow.
Due to various real-world occurrences, such as the Delta variant as of recently, and what it means for the next stage of this pandemic, we saw Bitcoin drop by 6% in the last 24 hours.
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The $30,000 was a key support level, and once it was breached, we could see a lot of people selling the cryptocurrency. However, the volatility of cryptocurrencies is quite a usual occurrence, and investors are aware of this.
Still, this led to a $90 billion drop in value in just 24 hours, which is significant, and showcases just how much of an impact Bitcoin has across the entire cryptocurrency.
When we look at its recent history, there has been a renewed crackdown in China on cryptocurrency trading, and this has contributed to the price of Bitcoin.
In fact, we saw many regions which were responsible for mining Bitcoin being forced to shut down. However, this could potentially help in Bitcoin’s decentralization.
There is also the case where the central bank of China has also spoken to finance as well as fintech companies to remind them not to offer crypto-related services to their customers.
All of this has contributed in its own way to make the price of Bitcoin drop over time.
The main thing on everyone’s mind is, is Bitcoin worth the investment at this new, low price point?
Should you invest in Bitcoin?
On July 20, Bitcoin (BTC) had a value of $29,733. This was actually the first time the cryptocurrency fell to this value since June 22. Alongside it, it dragged along other digital coins as well.
To get a clearer perspective of the recent price drops of Bitcoin, let’s analyze the month of June.
As a point of reference, the all-time high Bitcoin achieved occurred on April 14, where it was valued at $64,804. However, its highest point in June was on June 14, at $39,806, while its lowest point was on June 22, where it fell to $32,598. This gives us a perspective as to how much Bitcoin has risen in value as of recently, as well as how low it has fallen.
Despite sellers in control below the $30,000 mark, it represents a perfect time to invest in the cryptocurrency, as it has a reputation and pattern of getting back its value over time to $30,000 as many investors were eyeing an entry near the $30,000 support level.
This might be one of the cheapest price-points that we’ve seen Bitcoin in a while, and given the fact that the value of this coin shapes the entire industry, it is bound to go up over time.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: