BITCOIN’S falling prices continue to astound traders as the cryptocurrency plummets from its previous sky high prices. Will Bitcoin keep falling and has the bubble burst?
Bitcoin fell to a new low against the dollar this weekend, fuelling sentiment the currency is doomed to fail.
Current estimations say bitcoin and other currencies will continue to slip until mainstream banking money arrives.
Priced at $6,249 this morning, bitcoin managed to survive the weekend without any more major losses.
The cryptocurrency is, at the time of writing at 2.30pm, in the green - up 0.82percent - but this comes after major losses wiped out previously made gains.
Despite disenchantment with bitcoin, it is not expected to stay down for too long with experts citing general volatile behaviour as a common occurrence.
Expert traders seem positive the slip up will just be temporary, with another upward shift around the corner.
Daniel Wolfe, CEO of the blockchain-based marketplace of trading algorithms Tradingene told Express.co.uk that "extreme volatility" has been a longstanding characteristic of bitcoin.
However, Forbes contributor and macroeconomics expert Peter Tchir claims bitcoin could be facing a difficult road ahead.
While he conceded the currency is a useful means of concealing wealth from the government, he also believes the price will “continue to erode”.
Cryptocurrency could have a long way to go if Tchir is correct, he says.
Techie added: “I think Bitcoin in particular needs to assert its value proposition.
“What it is worth over time, is a function of what value it provides its users and owners, and I for one, am struggling to see the benefits of re-entering the market.”
He goes on to state that newer cryptocurrencies are the key in the future with a lot of potential for digital currency.
As ever, the value of bitcoin is entirely reliant on the market interest surrounding it and major announcements support future growth.
Reports from cryptocurrency site Cointelegraph state that Ukraine will not be planning to regulate crypto mining.
With a strong development in cryptocurrency, the lack of regulation in Ukraine could encourage a free market that reinstalls confidence.
Further news the country is considering making cryptocurrencies legal point towards a reliable market in Ukraine that could help bitcoin grow.
Interest has already shown signs of increasing as Dutch banking giant ING released their most recent economic trading report.
Their findings showed that one in 10 Europeans owned cryptocurrencies - and more people are forecast to own them in future.
The survey shows a shifting attitude towards bitcoin that could see a healthy interest develop.
Despite the obvious volatility of the coin, 15 percent of surveyed respondents said they would consider a cryptocurrency-based salary.