The great fall of the price Bitcoin (BTC) and other cryptocurrencies in the market is now a trending topic among the cryptocurrency enthusiasts, investors and traders across the world.
The price fall has been so devastating. Even some that are known to be great investors, who resolutely believed in the prospect of Bitcoin and other cryptocurrencies bowed to the panic caused by the significant price downtrend.
In a very short interval, the crypto market slumped. Virtually all digital currencies, including Bitcoin (BTC), lost at least 30% on a daily estimation.
A lot of crypto pundits have been airing their opinions regarding the cause of the devastating fall. Many people attributed the fall to the negative effect of the spread of coronavirus, while some shared other possible reasons.
Bitcoin is beginning to experience price resurgence, but this uprising can’t bring joy as much as the pain which the fall has already caused. At press time, BTC is trading at $5,466.55, with a relatively 15% price decrease in the last 24 hours.
Justin Sun says Now is the Best time to Accumulate Bitcoin (BTC)
The CEO of Tron (TRX), Justin Sun has implored the Bitcoin and cryptocurrency enthusiasts not to panic, but rather keep calm and buy more.
He made this statement in one of his recent tweets moments ago. In the tweet, he advised investors not to use the funds they need now to purchase Bitcoin (BTC) or any other crypto.
Justin Sun shared this, “I’m no financial advisor but I do believe now is a great time to buy crypto & Bitcoin. Since we can’t predict systematic failures & crowd panic, don’t buy w/ $ you need now, only $ you can afford to invest for 1 yr. We’ll get out of this bear & into the bull eventually!”
I’m no financial advisor but I do believe now is a great time to buy crypto & #Bitcoin. Since we can’t predict systematic failures & crowd panic, don’t buy w/ $ you need now, only $ you can afford to invest for 1 yr. We’ll get out of this bear & into the bull eventually!
— Justin Sun (@justinsuntron) March 13, 2020
Nicholas Merten Shares the Possible Reasons behind the Drastic Fall of Bitcoin (BTC)
The founder of DataDash, Nicholas Merten has recently shared his opinion about the cause of the recent price fall of Bitcoin (BTC) and other cryptocurrencies in the market.
Read his points below:
“Yesterday, bitcoin had its worst crash in over seven years and ethereum closed with its biggest daily decline in history. This was mainly caused by three things: 1. PlusToken selling their stolen funds 2. A major lack of liquidity on spot exchanges 3. Global demand for dollars”