So, the price of bitcoin has dropped a bit overnight from $275 to about $267. I am sure that there are a lot of crypto-enthusiasts out there right now that are wondering, “What the heck happened?” and running about in a panic, but the truth is that such reactions are premature.
In previous articles this week I have warned that there will be little stumbles along the way. If anyone has paid attention to the routines and patterns of bitcoin and its price they would notice that the price never stays on top forever; that it rises for a short period of time then drops slightly before beginning its climb upwards again. That’s all that we’re seeing here, so nobody needs to worry just yet. This is merely another step up the ladder.
It’s quite possible that the hype generated from The Wall Street Journal has died down a bit. The publication’s broadcasting of the word “bitcoin” on its front page news last week is what is currently being “blamed” for the 10 percent rise in price that we’ve been witnessing. However, the edition broadcasting the word is now older, and it’s possible that people have ultimately forgotten about it somewhat and that the hype is beginning to dissipate.
However, hope isn’t lost just yet. Today is the day of the third US Marshals Service bitcoin auction for those who remember, in which 50,000 of Ross Ulbricht’s bitcoins will be auctioned off to those who want to get their bid on in the bitcoin world. It should be quite interesting to see if the event has an impact on price. Will it begin to rise again? Have people lost interest and will it begin to drop further?
We’ll need another few hours for the auction to cease, but we’ll definitely find out today, so bitcoin enthusiasts… Keep your worries in your pockets, and don’t release them unless you really have to.