Bitcoin News and Price Overview: Bitcoin Drops to Record Low Not Seen Since November. It Recovers Quickly. Saturday, June 30
Important Bitcoin News
Bitcoin Drops to Record Low Not Seen Since November
Bitcoin this Friday dropped to $5,799, its lowest value since November as the coin continues to take a battering since it has been unable to recover from a bearish market that has been blamed on regulatory activities and hacks on exchanges.
Data from Coindesk indicates that Bitcoin is down 57 percent from its all time high in December last year when the coin rose by more than 1000 percent.
Although there has been no dramatic event that could be pointed to as being responsible for this weekend big slump, a series of events have last few weeks contributed to the wide fluctuations that saw the coin price dip. Prominent among these is the hack of two South Korean exchanges, Coinrail and Bithumb within two weeks.
Allianz Chief Financial Adviser Says Bitcoin is A Good Buy If It Drops to $5000
One of the most influential financial analysts, Mohammed El-Erian, the chief economic advisor at Allianz has said that if Bitcoin price drops to $5000, it may be a good to invest in the coin. El-Erian made the statement when Bitcoin fell to $5,870 saying, “I don't think you get all the way back to $20,000, but I do think that you need to establish a base whereby the people who really believe in the future of Bitcoin consolidate and then that provides you a lift,"
Another Bitcoin Price Surge Unlikely Says Japanese Economist
Yukio Noguchi is an economist and an advisor to Waseda University’s Business and Finance Research Center. He has been one of the reputable analysts of the coin market and recently said that the possibility that Bitcoin will experience another price surge is remote. According to Noguchi, “Because It’s Now Possible to Trade on Bitcoin Futures You’ll Never See a Rapid Surge Again”
In a matter of hours on June 30th, Bitcoin noted an incredible price recovery and is currently trading again above $6000, reaching almost $6500 after it's drop to $5843.
BTC/USD Price Chart, Saturday June 30th:
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