Bitcoin Crashed Nearly 50% Last Weekend -- Should You Worry?
Bitcoin (CRYPTO: BTC) is going through a rough patch as it has plunged nearly 50% since its previous high in April 2021. The flagship cryptocurrency lost $1 trillion in market cap last month, and this downward spiral has a mix of factors at play. In May, Elon Musk's tweet about Tesla not accepting Bitcoins wiped off 10% of its value. Later that month, China's crackdown on cryptocurrencies pushed Bitcoin below $30,000. And the IRS calling for stringent reporting on large crypto transfers added to the woes.
So, has the tide turned against Bitcoin permanently? The situation might be rattling for new investors, but if you have traced the journey of Bitcoin, this is nothing new. According to analysts, investors who owned Bitcoin for one to six months spurred the sell-off. Nevertheless, institutional investors, big corporations, and analysts are still pretty confident of Bitcoin's price rebound.
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Source Fool.com
