Bitcoin was traded for more than $8,000 only a week ago
On Friday the 13th, bitcoin had half its original value. The oldest crypto currency is currently traded around $5,000.
Bitcoin fell deep under $5,000 during Monday trading. Yet during the day, its market value grew back over $5,000. Even so, the oldest crypto currency experienced the worst trading week in history. It lost more than half of its value within a few days. Predictions for Bitcoin to reach $20,000 value will not be met.
Bitcoin sales were hugely affected by institutional investors, who wanted to minimize their losses. Small investors, on the other hand, purchase Bitcoin in hope for better times when coronavirus pandemic disappears. Yet, not even demand of small investors could prevent Bitcoin drop, which we are not experiencing.
It’s hard to predict any further progress. The market may go both ways depending on coronavirus pandemic. But the longer the pandemic lasts, the most probable further Bitcoin sales are.