Bitcoin has had such a large rise that many people thought it was too good to be true and it will eventually crash. The Bitcoin crash this week and fluctuate around 30-40% fall. Well for a full year that did not happen and just as Bitcoin was about to prove people wrong today it had a fall of 30% and fell from a staggering $20,000 to $12,000. This left both critics and investors confused. People didn’t know whether to invest more and take advantage of this scenario or just leave and sell their coins.
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Although Bitcoin recovered ending the day at $13,000 plus, this has been a catastrophic day for people who became millionaires using the coin system, and Bitcoin wasn’t the only one to fall, leading Cryptocurrencies such as Etherium and others also had major falls. Etherium registered a fall of 18%. Now people are hard in either prayer or in thought to see what happens when the market opens again. This will be one of the scenarios that define the Cryptocurrencies, how they recover from their first major fall will make sure we know what they plan for the future and can Cryptocurrency be trusted with our millions.
Here are the top facts that we know following the fall of Bitcoin;
- Bitcoin’s rapid gain in 2017 – its price has soared about 19 times when it hit a record high above $19,000 – It has created a caution between critics and investors alike as this sudden rise cannot be trusted and this rise can either keep rising or fall flat and just crash. This highly volatile situation has become a question mark in the communities.
- Indian Markets that are regulating and Selling Bitcoin are coming under scrutiny as the Securities and Exchange Board of India is now asking questions and demanding answers regarding some illicit coin offers that have taken a heavy amount of investments from the public with a false promise of high returns. Using Cryptocurrency such as Bitcoin, According to inside reports, India is planning to band Bitcoin and other cryptocurrencies as they cannot be regulated and there is no check and balance on its investment. Also as it is not an approved product by the Reserve Bank of India.
- After the initial buzz of Bitcoin many countries have started taxing people for their Bitcoin investments, such is the case for India. The Indian Income Tax Department is set to issue notices to all of the people who are currently using the Cryptocurrency services and they will be charged with fines if they do not show their investments and pay the tax that has accumulated on them.