Whilst early today we did see some positive news from camp Bitcoin, the news was short lived as Bitcoin managed to concede a jump from almost $7200.00 down to $6700.00 at the time of writing, losing almost $400.00 of the $500.00 total in just one hit.
This acts as further evidence that is starting to suggest Bitcoin is really struggling to breach the $7000.00 mark, and its really really struggling to stay past it, on the odd occasion it manages to climb that high.
According to Market Watch, a Bitcoin was traded for $6722.97 today, making it the worst performing currency of the day so far, nothing new if you’ve been following the Bitcoin saga over the past months.
Market Watch also concludes that a large sell off took place throughout the western world today, with very little activity taking place over eastern areas.
Frustratingly Bitcoin did make some gains this morning, yet the past few hours have seen this progress removed, and quite quickly too.
It’s a frustrating situation for Bitcoin and its investors but what we need to remember is that yes, this $7000.00 target is important, and it’s proving to be very hard work, but importantly, this time last year the value of the coin was very different.
Moreover, if you look back over the years, in comparison, just cutting shy of $7000.00 every day is not as concerning as it is being made out to be. That obviously changes when you compare the value of Bitcoin with the 2017 boom, but is it really a fair comparison to make given the state of the markets at the moment?
Bitcoin, has paved the way for cryptocurrency and thus remains the queen of the crypto-sphere. It’s important to remember that it’s bad performance is not indicative of the nature of the coin, or it’s investors, it’s actually at the hands of a million extraneous factors. Unfortunately the value of Bitcoin and its notoriety means that when declines like this happen, they make big news because of the loss of value it concedes to but over all, we do need to remain optimistic.
The joy you felt this morning when you saw the markets in the green? Take that and hold on to it, because when the markets mature, as will your joy, and more joy equals more happiness right?
Hey, maybe we should start trading emotions on the blockchain, happinesscoin anyone?
Featured Image Source: Pixabay
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