HomeBitcoin NewsA Minor Setback in the Bitcoin World... Nothing to Worry About

A Minor Setback in the Bitcoin World… Nothing to Worry About

Date:

Related stories

BTC Can Hit $100,000 Soon and $150,000 If Trump Wins, Predicts Standard Chartered

Standard Chartered, the British financial institution, claims bitcoin can...
spot_imgspot_img

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.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img