Crypto Investors Distraught By $10bn Drop In Bitcoin Value Over Course Of Just 30 Minutes

It seems analyst and investor hopes of a forthcoming upsurge in Bitcoin and other cryptocurrency prices could have been misplaced, as Bitcoin values dropped by $600 (£494) in just 30 minutes on Wednesday, 28 August 2019. The cryptocurrency markets have been extremely volatile through 2019, and this latest Bitcoin crash has caused a rethink about positive predictions made by expert analysts over the summer period.

About This Drop In Bitcoin Value

Experts termed the drop to Bitcoin value a “flash crash“, however, the cryptocurrency continued to drop like a stone throughout the day, with prices ending at about $9500.

This confounded all analysts who had confidently predicted $10,000 would be the new floor for the crypto price, however, Bitcoin is still trading at a far higher value than it did at the start of 2019.

In January 2019, it traded at less than $4000, however, the current price is still a long way from the $20,000 value Bitcoin achieved in December 2017.

Over the past few months alone Bitcoin has fluctuated in price from $9000 to $13,000, but analysts had felt it was beginning to stabilise in August.

What Does This Mean For Bitcoin And Crypto Investors?

Nigel Green is the Chief Executive of DeVere Group, a UK based financial advisory company, and recently predicted Bitcoin would soon stabilise at a price of around $15,000. He stands by this prediction and feels it will only be a matter of time before the cryptocurrency starts to gain value again.

He is convinced $10,000 will soon become the normal bottom price for the cryptocurrency and said:

“It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when bitcoin hit $10,500 in a matter of minutes.”

Mr Green went on to add that global political uncertainties, crypto network improvements, and growth in public awareness of cryptocurrencies will all combine to ensure Bitcoin, in particular, becomes a major aspect to mainstream finance. He commented: “There is increasing global acceptance that cryptocurrencies are not only the future of money but increasingly the money of today.“