Buy the dip? Bitcoin Price Drops as UK Ban on Crypto Derivatives Trading Takes Effect Soon
Bitcoin (BTC) market dropped heavily today losing up to $10,000 in few hours.
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The BTC price hits $30,250 from it’s previous $40,000+. Data from DiutoCoinNews Markets and TradingView showed BTC/USD dropping heavily losing its dollar value taking a 24-hour losses to over 20%.
Bitcoin earlier before the drop reached an all-time high of $42,000 drawing the attention of numerous newbies into the crypto market.
While the market was dropping some analysts were reportedly encouraging investors to ‘buy the dip’ in numerous tweets while the market dropped down to $30,250 before correcting to $32,000+.
Meanwhile the UK Ban on cryptocurrency derivatives trading will be taken into effect this week thursday. Moreso, the Tether lawsuit who reportedly were manipulating the market taking the price of Bitcoin to new highs will be facing the charges pressed on the company Tether Inc.
Read Also: Bitcoin Stays Strong at $40k, Is $50k Coming Soon?
While majority of the traders seem to be unperturbed by what seems to be synonymous with the Bitcoin price drop, some other Crypto OGs predicts more price drop.
There seems to be no reliable ground to stand on, regarding the extent to the price drop which is already wrecking the Bitcoin market. There is currently no prediction to the deepest drop we gonna record. More and more influencers seem to be constantly predicting correction.
Guy Hirsch, managing director for the U.S. at trading platform eToro reportedly told Cointelegraph that;
“Bitcoin is trading down largely as a result of profit taking. Since we are still so far above the all-time high set before this recent bullish run up, it remains to be seen how much further we can fall,
“Though we don’t anticipate this, a fall below $20,000 could be a bad omen for the conviction institutions have behind their Bitcoin allocations, since they largely stepped in around the $20,000 price level.”