While some of us are aware that BItcoin suddenly took a huge dip from a stable $6400 to a shocking $5400 dip late this week. A total opposite of what had transpired last year of fourth quarter where bitcoin skyrocketted its value to almost $18000. Many are left wondering what is happening to bitcoin or will it be the end for the coinn what do you think about the current situation?
Well about last year it was as many people say, due to the demonetisation in India and due to which people invested huge amounts in bitcoin just because they could hide their ill gained black money to be hidden from Indian government. And after that pump there was no other source of new investments to the people and the price started crashing due to lack of support and got to the break even point for Miners where they could just make enough of what they spent to mine those bitcoins.