Bitcoin was on the top for a minute but then they fell back below $50,000 on Monday. This happened after it has been reclaiming that threshold over the weekend. The cryptocurrency trade is always changing and during that time the trade was at roughly $49,400 by the afternoon session. This is nothing compared to all time high that it has been facing. The all-time high for this cryptocurrency was seen $64,000 set in April.
Bill Baruch who is the President of Blue Line Capital had been known as a person who is invested in the bitcoin market. He is also known as the bitcoin bull, is also a little bit suspicious of jumping in right here.
“I think that you need this to be in your portfolio, but is $50,000 the place to be buying it? I would definitely not recommend you to chase it,” Baruch told the news and the media in a brief statement giving us everything to be thought about.
Bitcoin has done been down and it had fallen below $30,000 during the time of the summer when the cryptocurrency market was facing a crisis and a problem. The cause Behind this downfall was because of the recent months, where the market had to face a very rigid regulatory crackdown in China. The miners were not allowed to mine bitcoins because of this and there was a big exodus of bitcoin miners from China. Since a June low of $28,600, it has rallied 73%.
Obviously, the bitcoin market has been getting a new high because of the new feature that PayPal had introduced recently this week in the market of the United Kingdom that will allow the users or the customers to trade in bitcoin using PayPal app. This was indeed a boost to both PayPal as well as the bitcoin cryptocurrency Industry.
However, everything is not set in stone there is a few other indices to take into account the very essence of the cryptocurrency market. Whether it will fall or it will rise in the future is clearly not seen and we are here for it.