Bitcoin on a Troubled Path, will it Recover?

Zachary Wolfe - 4 years, 10 months ago

Bitcoin , has had a downward continuance over the past few months. Some speculators say this may very well be the end of the Bitcoin craze at least for a while. In adaptation of all that is occurring with mining operations becoming unprofitable and ditching of old mining units for scrap metal. There is so much that can be said as to why this is happening.

When mining operations become unprofitable, the currency really has no means to flourish as it is a fundamental part of the currencies mechanism to validate block transactions. I for one do not believe it to be coming to an end, I just believe it is highly manipulated as all digital currencies are, I am not an expert by any means but judging from reading so much into it on a daily basis, I mean it has always struck my interest.

I knew something would happen when it became harder to even buy into the currency within the US, I can't speak for other countries on that matter, but I know bans started to happen from certain banks and card vendors. I knew that would play a big impact on how well Bitcoin progressed this year. We all may have expected Bitcoin to rise in relation to it's pattern from last years (2017) all time high of almost $20,000 USD.

This for now is a highly manipulated market in my opinion with huge investors playing a part in the overall scheme of things, when billions deplete from the market cap and huge sell offs occur. It seems as if whales are giving the image of BTC has an upward pattern, then that's when the chips get raked in by those who manipulate the market. Overall, we must realize this market is highly manipulated and speculated upon as everyone is looking to make a profit, all I can imagine is to try predict a pattern and follow the smoke and mirrors if you are a short term holder of such coins, know when to get out and stay up to date on the technological advances of BTC and other coins, these whales can shift a large amount of digital currencies from one place to another and before you know it your hard earned dollar turns into ashes.

Best practice in trading in general is to never invest more than you are willing to lose, as the saying goes , " This is a dog-eat-dog world " , very much so. Only the strongest survive in this ruthless, competitive arena of digital assets.

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