Cryptocurrencies are quite attractive if the right person tells you about them. However, if the discussion on crypto trading sounds easy, just know that the person you are talking to is not telling you something. The risk in trading cryptocurrencies is even higher than that of regular businesses. However, the difference is that if you make good decisions, you can make huge amounts in a short time. After several major dives last week, the price of Bitcoin has continued to fall recently. At some point today, the price of Bitcoin fell below the $32,000 mark. Also, its market value has shrunk to $610 billion. This is an earth-shaking gap from the peak of $1 trillion.
As of press time, Bitcoin is selling for about $39,000, a daily drop of about 11%. From the trend chart, we can clearly see that since the beginning of this month, Bitcoin once hit about $60,000. However, within the last two weeks, this cryptocurrency has fallen by almost 50%.
Coinbase website went down
Due to the massive fall in the price of Bitcoin, there was a rush to purchase the crypto. It appears that the traffic was too much for Coinbase, the largest digital cryptocurrency exchange in the United States to handle. Coinbase’s website went down and the company said “We have found some problems with Coinbase and Coinbase Pro, and some functions may not work properly. We are currently investigating these issues and will provide an update as soon as possible.”
Although the website is now up and running again, users expressed their frustration on social media. Some even believe that the company put down the website on purpose to prevent users from investing. However, this is not entirely true because Coinbase’s stock price fell 10% as a result of the website downtime. In addition to Coinbase, another trading platform popular with retail investors, “Binance” also announced this morning that it will suspend the withdrawal of some encrypted digital currencies.
Bitcoin is not the only cryptocurrency experiencing a fall in price. Other popular currencies like Ethereum and Dogecoin are also dropping. However, after the massive drop at noon today, the currencies are now picking up again. The current fluctuation in prices appears that this is a good period to invest.
Reminder: Cryptocurrency investment is risky, and you need to be cautious when entering the market. Digital currency investment has greater risks and unpredictability, and this article does not constitute any form of investment encouragement and advice.