The value of bitcoin plunged last month,
amid fears that trading was about to be banned in South Korea . It then stabilised briefly, before plummeting again.
The volatile cryptocurrency hit a record high when it
The Great Fall!
passed $19,850 in mid-December, and its value has shifted unpredictably ever since, with frequent wild drops and recoveries.
The rapid drops are partly the result of continuing fears about regulation, as well as anxiety provoked by a series of high-profile thefts.
Its value tumbled spectacularly at the start of February, falling from $10,000 to $6,000 in four days. However, it now appears to be recovering, albeit very slowly.
It is worth $9,345 as of Wednesday afternoon UK time, according to the
Coinbase exchange.
Stability?
Well its value has increased by more than 8 per cent over the past 24 hours, and more than 15 per cent over the past seven days. However, it has declined by more than 33 per cent over the past month.
One Day Illegal
South Korea recently stopped allowing people to trade bitcoin and other digital currencies anonymously , but says it isn’t planning to ban cryptocurrency exchanges.
Meanwhile, Theresa May has hinted that the UK government could introduce similar measures, and the US government is concerned about bitcoin’s popularity amongst criminals .
It's FATE?
The value of the Bitcoin will rise once more but due to it's instability and socio-political factors is seen as a threat to all those that use it. The anonymousity that comes with trading such is at risk and will affect it's popularty and possibly that of every other cryto.
My Advice?
Bitcoin isn't the safest place to store your money... It's never was, but then the possible gains can be huge. Although these are difficult times, very uncertain; it is far wiser to invest in a different cryto which is making decent gains and has a more stable value climb that the Bitcoin. My suggestion, try the ripple.