What’s Going on With the Price of Bitcoin

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Bitcoin has seen quite a wild ride during the beginning of the year, with many new individuals getting into the space who otherwise would not have. The coin has historically been a coin that doesn’t move with the typical movers that make other coins have high fluctuations in their price. The large downturn on the price of the coin during the month of January thus far has repeatedly been to the turmoil that has been happening in China and South Korea in terms of regulation with the entirety of the cryptocurrency market.

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The value of bitcoin was able to hit a high of over $20,000, where it has now shot down to as low as under $10,000 only a month later. Alexander Wallin, CEO of the trading social network SprinkleBit has stated that “the January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency. The timing is about four to six weeks before the lunar year when most people make their travel arrangements and start buying presents.” The holiday takes place on February 16th, but before that many individuals begin celebrating and figuring out how they will spend their money. The coin is a steadfast in terms of influencing other markets.

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Bitcoin has reportedly been able to have an effect on other markets such as the stock market, due to the fact that there is such a large amount of money currently involved in the market. Given that the market on cryptocurrency is still relatively in its infant stages, it is still difficult to tell where even the biggest coins in the space will go. The hopes are high that as we move further into 2018, the market will be able to stabilize even more.


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