Bitcoin price slump no cause for alarm, say experts

Industry experts rally behind crypto as an investment despite a substantial slide in the value of Bitcoin, which has dropped from $8,239 to $6,510 in the last six days, as the UK General Election enters its final stage

by Patrick Sullivan, Political Editor on 26 November 2019 15:17

Bitcoin has seen a sudden surge in value, following days of steep decline. The world’s leading cryptocurrency climbed around £460 in the space of a few hours to return above $7,000, having slumped to its lowest level since May.

The price slump on Friday and Monday came after market uncertainty surrounding developments in China, which saw a renewed crackdown on illegal exchanges in the country. Industry experts poured scorn on any suggest that the price drop was bad news for investors in the long-term.

The news comes as Boris Johnson, the Conservative Party leader and Jeremy Corbyn, Labour leader go head-to-head in a frantic battle for Number 10.

The performance of the economy is expected to play a key role in voter allegiance. “Once again the value of bitcoin has plummeted – due to the nature of cryptocurrency, this is not the first, nor will it be the last time this occurs,” Peter Wood, CEO of online trading platform CoinBurp, told The Commentator.

“However, new-time investors can be comforted by the fact that its value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity that to invest now,” added Wood.

Michael Novogratz, the billionaire CEO of Galaxy Digital, said that the bitcoin price is likely to remain in the $6,000 to $7,400 range for a while unless the dominant cryptocurrency shows a strong recovery in the short term. "BTC chart needs to recover $7,500 in next two days or we will be in a $6k-$7,400 range which would be less than pleasant. BTC still up 95% on the year to keep perspective, but man, I liked it better above $10k."

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