Bitcoin market will soon bounce back after falling on the 19th of May 2021.
The price of the most sourced internet gold dropped to $37k from $50.
The the dropped was caused after Elon musk reversed his company decision of accepting bitcoin as means of payment.
Musk cited environment impact, stating that the company will be looking into cryptocurrency that use 1% of Bitcoin energy.
In the same vein, China issue statement warning it citizen of using bitcoin.
But company involved in cryptocurrency issuer disclose that Bitcoin Will Soon Bounce back.
The company in the report, said, “We believe the rotational playbook has reversed as dark clouds loom over the markets.
“We are expecting investors to cycle back into Bitcoin as uncertainties increases as the markets undergo another reset. Hence, a bounce in Bitcoin dominance should occur, further supporting Bitcoin’s price in the short-term.”
Elon Musk’s comments about Tesla’s withdrawal of support for bitcoin payment and a Reuters article claiming that China had banned companies that provide cryptocurrency services had caused the price of bitcoin to tumble down.
“The digital currency has declined 36 per cent from May’s top of $59,500, breaking the critical $50,000 and $40,000 support lines.”
Since May 19 Bitcoin, Ethereum, and Dogecoin have liquidated over $500bn worth of investments.
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