CATASTROPHE OR OPPORTUNITY!!
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This is not the first time that the cryptocurrency market has suffered a resounding decline. In December 2017, eight years after alias Satoshi Nakamoto created Bitcoin, its price reached US$ 17,000, an increase of 1.5000% from the previous year. But what happened next? It plummeted and in December 2018 it was trading below US$ 3,400, a drop of 80%.
It was then when people began to talk about "crypto winter", as the specialized media NextAdvisor points out, a concept that refers to the sustained drop in the price of cryptocurrencies, or in other words, "their price cools down."
US$5,287,977,441,81 billion have been lost in cryptocurrency scams since 2021, FTC warns
The rage over bitcoin and other cryptocurrencies returned in mid-2019. Winter was over, the sun came out, and the cryptocurrency began to gain ground, although with ups and downs.
Meanwhile, governments and economists around the world were increasingly debating the regulation of virtual currencies in the face of their growing popularity.
The coronavirus pandemic
The price of cryptocurrencies is determined by the number of people interested in buying, so when no one is interested the price drops.
But the more people want to buy, the price goes up. In 2020, during the most critical year of the coronavirus pandemic, the value of bitcoin soared 175% from the end of 2019, reaching US$ 19,860.
Differences between cryptocurrencies: bitcoin, dogecoin, ethereum and binance coin
Widespread adoption of cryptocurrencies grew and, in part, accelerated thanks to the Covid-19 pandemic, as they were seen as an investment to protect against inflation in times of economic uncertainty despite their volatile nature.
What does this teach us..... after such a fall the price can rise by 175% breaking all resistances
#Bitcoin #Binance #iran #israel