Bitcoin value has been see-sawing recently, with the token hitting a new low at $7,805 last Monday and then bouncing all the way up to rally 12.73% and reach $8805 by the end of last week on Friday. Since last week, the value of Bitcoin has dropped again, down to $7,945.12. Trading on October 16 proved too much for the cryptocurrency and we saw it slide under the mental threshold of $8,000. To many people that signifies only one thing – trouble.
Bitcoin is taking the familiar roll-coaster once again. What does this mean for traders and owners? Well, they will need to adjust. As to players at online casinos, that won’t necessarily affect them as crypto casinos, rare breed as they are, usually nail down the value of all cryptocurrencies and don’t let it influence payouts. This is good news for some.
How Much of a Slide Is Too Much?
Now, the price of Bitcoin is bound to fluctuate and whether we fret over it or not – at least on day-to-day basis – we wouldn’t change that much. What we can do is focus on forecasting how the cryptocurrency will behave in the long-term.
According to respected cryptocurrency journalist and analyst Michaël van der Poppe, the real question is whether is going to plummet below the $7,400-mark. The sentiment that Bitcoin can be going back after bouncing just a week ago has remained a strong sentiment. Crypto Rand, a popular trader who doesn’t shy away from Twitter and voicing his opinions – with accuracy on most occasions – has said that he would withhold on making immediate trades.
Therefore, each day moving forward would be an answer to the question whether Bitcoin is going to keep crumbling. The answer, most likely is a yes, as there are a lot of scares that now seem to weigh down the cryptocurrency.
Meanwhile, the value of a number of altcoins has seen a similar move and popular cryptocurrencies such as Tron, EOS, and Binance Coin all started dropping value.
Bitcoin in Freefall? Not Quite Yet!
Bitcoin is not in freefall. Far from it, in fact. Yet, it’s interesting to note that the cryptocurrency is definitely of the volatile sort. That hasn’t stopped Karma Automotive, a manufacturer of luxury vehicles in California to begin accepting Bitcoin as a payment option. This seems to reassure some. Yet, that’s just a drop in the sea.
Meanwhile, Aliant Payments has decided to pay compensation packages to employees in Bitcoin. Of course, this last bit doesn’t signal the strength of the cryptocurrency, but it’s good to see that Bitcoin is still very much part of the daily order.
Going around the United States, it’s difficult not to see that Bitcoin is getting more and more attention, and there is no shame in that. Miami International Airport also saw its first Bitcoin ATM freshly delivered, which is a good reminder that Bitcoin is very far from being gone.
Of course, we will have the same topic daily and even hourly – what’s Bitcoin’s value right now, and as we upgrade one news, another major change will happen.
Can Bitcoin Stave Off Libra, and Is Libra Better at All?
And while we talk Bitcoin, we should also address the elephant in the room – Libra. The cryptocurrency that’s supposed to be a game changer. Yes, a lot of people will go with Facebook’s Libra and those who are whales will definitely benefit from getting cosy with Mark Zuckerberg’s company. What about the rest?
Power to the people? Was power to the people the motto behind selling private information of millions of people? Facebook’s Libra may have all the good intentions that go hand-in-hand with idealism, but the simple truth is that it cannot be trusted. For the same reason that Mark Zuckerberg didn’t stand accountable for his company’s actions when he appeared at the Congress hearing.
Yes, there is some good in Libra – specifically that it will try to peg its value to FIAT currencies. Time will show. Bitcoin price will definitely know a few choppy trading days around the time Libra releases!