Crypto Why Bitcoin Lost Its Value By 50 Percent In The Month Of May This Year?

[Good-Guy]

We all must know that Bitcoin and other cryptocurrencies are quite volatile and this is why many people lose money or gain money. Unfortunately, many people become optimistic when it comes to investing cryptocurrencies and they invest quite huge amount only to see that the price of their coin has been fluctuated by a whooping 50 percent! This is what something that happened to Bitcoin in the month of May this year after it reached its highest. The price of Bitcoin was around $60,000 and it fluctuated to a devastating levels to around $30,000 causing many people to lose unimaginable sum of money. However, I have always wondered why Bitcoin fluctuated. There must be some reason for that. So what were some reasons for that massive fluctuations in price?

 

[Victorial]

I really cannot say what caused the sudden dip. As of then, I was still a novice in the crypto world as all I engaged in was trading Binary. Bitcoin's sudden dip caused many people to lose their money. My neighbor lost over 3 million naira because he had to sell. However, one thing I learned was that you never lose until you sell your coin. If he had kept it then, he would not have suffered a heavy loss. Now the price has recovered as it is trading at around the $60,000 price mark. In fact, it rose to the $67,000 price mark some weeks agp

 

[Good-Guy]

I really cannot say what caused the sudden dip. As of then, I was still a novice in the crypto world as all I engaged in was trading Binary. Bitcoin's sudden dip caused many people to lose their money. My neighbor lost over 3 million naira because he had to sell. However, one thing I learned was that you never lose until you sell your coin. If he had kept it then, he would not have suffered a heavy loss. Now the price has recovered as it is trading at around the $60,000 price mark. In fact, it rose to the $67,000 price mark some weeks agp

Many people say that when it comes to cryptocurrencies, you should not invest what you cannot afford to lose and I agree with them. However, I have noticed that one of the other main principles of cryptocurrency investment is that you must never sell the coin if the value dips because it will eventually raise again and even raise more. Bitcoin did fell to $30,000, but it again not only gained the value back but also reached the peak at $66,000 this month.

 

[Suba]

I saw it, the lowest price occurred on May 24, 2021 $34,700.30 until the beginning of August the price was not far from $40k, of course the main cause was demand and supply factors. Some of the big Bitcoin holders have already taken profits, so the supply is greater than the demand and the price goes down.

 

[Good-Guy]

I saw it, the lowest price occurred on May 24, 2021 $34,700.30 until the beginning of August the price was not far from $40k, of course the main cause was demand and supply factors. Some of the big Bitcoin holders have already taken profits, so the supply is greater than the demand and the price goes down.

Cryptocurrencies drop each and every month and rises each and every month and now I believe that this is the best time to buy or sell cryptocurrencies rather than trading daily. I lost $20 by trading cryptocurrencies on a daily basis. However, now I am changing my strategy. I will buy cryptocurrencies when the prices decrease at a massive rate and sell when they increase at a massive rate only.