Many people including crypto enthusiasts have asked if Bitcoins will ever crash. Although, crypto investors and traders are not much concerned about if the price would crash but when.
Several financial experts have termed Bitcoin as a ”speculative bubble”, ”mirage” and ”fraud”. The world’s largest cryptocurrency, Bitcoin, has also experienced a crash in price at some points.
Despite the boom of BTC in 2017, it experienced a crash in 2018. This was the sell-off of most cryptos from January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65 per cent during the month from 6 January to 6 February 2018.
The Bitcoin crash of 2018 was followed by another rise and fall in prices until the boom in 2021. As of Oct 2021, both Bitcoin and Ethereum have made an all-time high in price. The question to ask now is will Bitcoin ever crash despite the surge?
What Can Cause Bitcoins Crash?
Several factors have contributed to the crash of Bitcoin which might persist in the future.
A major one is the US Securities and Exchange Commission (SEC) rejecting a spot bitcoin exchange-traded fund, which would likely have seen billions poured into the crypto market.
A clampdown in mining activities, like what occurred in China, early in 2021 is also a factor that causes the BTC crash.
Negative comments from experts or public figures can also cause a Bitcoin crash e.g Twitter’s CFO Ned Segal, once made a comment that swayed the market.
Will Bitcoins Ever Crash?
The volatility in the price of most cryptos is inevitable which has made Bitcoin rise whenever it falls. For example, BTC recently recovered some value after falling below $60,000 but has since dipped again.
As much as this is a concern, the future of BTC is more of a concern to crypto enthusiasts.
Matthew Dibb, COO and co-founder of Stack Funds, opined that Bitcoin could continue to lose value. However, plenty of analysts are still very bullish about cryptocurrency’s long-term future.
A growing financial of analysts are also predicting Ethereum to eventually surpass Bitcoin as the world’s largest cryptocurrency.
Despite the factors that have swayed the market of Bitcoin in time past, it is still growing and has made the question linger. Time will surely tell the predictions for the future of Bitcoin and other cryptos.
If you need to sell and buy Bitcoin today, Prestmit is the best platform for you to do so. This gift card exchange platform trades for other cryptos such as USDT, Dogecoin, Litecoin, and so on.
Prestmit is present in both Nigeria and Ghana. If you ever find yourself in a position to buy and sell cryptos, Visit Prestmit, it’s the best platform for you.