Bitcoin is already well known for being a volatile asset. If you add to the equation a new element of uncertainty the results are what we are getting right now.
With the current situation the markets are going through in these past days, bitcoin is hitting its lowest price in a year. In less than 24 hours, it went from around €7,000 to hitting rock bottom at €3,600, the lowest this cryptocurrency has been in almost a year.
Crypto has traditionally been seen by many as a safer option than other traditional assets for when difficult times came. However, the current situation has had as a result a crash in traditional markets that has been mirrored by several of these decentralized assets.
Ethereum, Ripple, Bitcoin Cash, Litecoin… They are also seeing their price go down in the last 24 hours. In just a day, the total value of the entire cryptocurrency market went down by €84 billion.
Experts have different opinions on what this could mean in the near future. Peter Brandt, veteran trader and famous for being accurate with a lot of his predictions on cryptocurrency made a headline-worthy statement by saying that “interpreting the chart without bias”, bitcoin’s value could reach its lowest since 2017 and go under the €1,000 mark.
But not everybody is as pessimistic. Arthur Hayes, Chief Executive Officer at BitMEX, said that global markets are going to drag down bitcoin, but it "should enjoy a nice run back through $10,000 towards $20,000 by year end".
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