Bitcoin Bounce Back

Last week the crypto market took a heavy hit.  As the general market crashed and the Dow Jones dropped 700 points, the crypto market simultaneously had a crash much like our market, yet they were not related.  Bitcoin was staying at a steady price between $10-13 thousand for a while and even hit a high of $20,000 back in December.  Fluctuation in price comes from so many variables, but Bitcoin had a drop to just over $6,000 which scared many investors due to the time that it took to drop.  While many wealthy investors share mixed feelings with Bitcoin being used as a currency in general, they can all come together and ask why this happened.  There are constant corrections being made with cryptocurrencies because of how new and relevant they have become recently.  While losing almost $500 billion in market capital, Bitcoin has already shown signs of improvement, but does not have investors happy after dropping 59% since December.  There has been a lot of conversation within the crypto world because Asia has most recently began to speak of regulating the currency.  For those who do not know, regulating cryptocurrencies would put it back in the hands of the banks, which is the main reason cryptocurrencies are so special due to having no central bank involved.  The positive signs this week coming from Bitcoin are solid, but it is now being valued just under $9000 per coin, which is not terrible, but the rumors as to what Asia may do in terms of regulations can possibly effect the coin more than we think.

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