There are not many markets where you can see double digit growths and crashes in same month, but cryptocurrency trading can definitely be the kind of market which requires people to keep their heart pills close. Bitcoin investors found out this the hard way, during this week.
On 2nd of September, one Bitcoin valued almost 5000 USD (more exact value 4943 USD). Today (15th September) it went under 3000 USD. That is around 40% drop in coin’s value in less than two weeks, a huge drop. However, things seem to get back on track.
What caused the drama?
At the beginning of the month, Chinese authorities decided that Initial Coin Offerings are illegals, thus making people loose the trust in the crypto coins. Many Chinese investors decided to sell their stocks, followed by other investors.
And Bitcoin was not alone, almost all other altcoins suffered from this issue, with Litecoin dropping from 80 USD (6th September) to almost 40 USD (14th September) – a whooping -50%.
The good news is that since today (15th September) 12 PM GMT all coins started to grow again and we’re expecting a closing growth rate around 10%, still a timid recovery after the previous two weeks.
Is it over?
The only truth is that you never know what can happen next in such a volatile market. However, seems that initial Chinese ICO’s banning shock was survived. The Bitcoin growth for today is already +10% and counting, with good perspectives for next week. Drama time may be over.