In recent weeks, the entire crypto market was experiencing a surge, leading to an increase in prices of almost all the cryptocurrencies out there. Bitcoin was no exception. However, in the last week, the surge stalled and then, prices of cryptocurrencies began to plunge. Bitcoin’s fortunes were no different. The world’s largest cryptocurrency is retreating, and that’s been the case now for four straight days. On the fourth day, the decline was around 2.5% from the previous day, and if all the top crypto tokens are considered, then the nearly-week-long retreat has seen prices plunge by at least 10%.
According to experts, this recent plunge can be attributed to concerns surrounding the possibility of cryptocurrencies being taxed in the USA. Another major factor cited by experts is the continued crackdown on cryptocurrencies in China. While the general health of cryptocurrencies in 2021 has been stellar, this current dip is something that a lot of crypto advocates are concerned about.
However, despite the dip, many investors are seeing this as an opportunity to invest in more Bitcoin. The feeling is that once the market regains momentum, prices are bound to rise drastically again.
Bitcoin’s biggest year so far
2021 has undoubtedly been Bitcoin’s most stellar year ever. Apart from notching up its highest ever price, the world’s largest crypto has also been made legal tender in the country of El Salvador. Sure, the launch of crypto as one of the country’s official currencies may not have gone according to plan. However, the fact is that Bitcoin, along with other cryptos, are here to stay.