Bitcoin’s Price Takes a Hit Once Again? Here is What Caused the Dip

7:44 am, Tue, 8 June 21

The top cryptocurrency has reportedly taken a hit after former U.S. President Donald Trump shared his opinion on Bitcoin. According to reports, Donald Trump stated that he disliked Bitcoin as it is a competitor of the dollar. The former President is of the view that the dollar should be the currency of the world and U.S. regulators should make efforts to monitor it.

In a recent interview, Trump called Bitcoin a scam and stated:

Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar.”  

The price of Bitcoin was reported to decline more than 1.3% within an hour of the interview. The flagship cryptocurrency is now trading at $32,630 (at the time of writing).

The collapse in BTC’s price has been drastic, however, it is still supported by many. Bitcoin is undoubtedly a significant crypto asset in the market. Its utility and prominence have only grown with time, despite its price fluctuations.

As per reports, the Bitcoin Whales were seen to accumulate the cryptocurrency during its steep price correction witnessed in May. A somewhat similar stance can also be expected as the price of Bitcoin is low once again.

Therefore, people who have been planning on investing in Bitcoin can make use of its price and use secure exchanges such as SwissBorg or Kraken to invest safely and easily.

What is Trump’s Stance Towards BTC?

This is not the first time former U.S. President Trump has voiced his opinion towards digital currencies. In 2019, during the tenure of Donald Trump, a decline of approximately $10,000 was observed for BTC after the President stated he wasn’t a fan of BTC or other digital assets.

He also stated that the digital currencies are volatile and spoke to Treasury Secretary several times to prohibit crypto assets.

The former U.S. President does not share the same enthusiasm for cryptocurrencies as several other organizations, companies and investors. He emphasized his opinion and stated:

My opinion is that the currency of this world should be the dollar, and I don’t think we should have all of the bitcoins of the world out there,”

He further elaborated:

“I think they should regulate them very, very high.”

Cryptocurrencies are indeed volatile, as compared to fiat currencies such as dollars. This is one of the reasons why people sometimes prefer to invest in gold and not in digital assets.

Regardless of the unpredictability of the crypto market, numerous utilities and benefits cannot be overlooked as well.

Nevertheless, people can choose to invest in crypto assets or real-life assets according to their preferences and requirements. If they choose to purchase Bitcoin or other digital currencies then using secure exchanges is essential.

Can a Further Price Drop be Expected for BTC?

People who have invested in Bitcoin might be familiar with the volatility of digital assets. Even though it has several utilities and is supported by global organizations, its price remains vulnerable.

Here is a graph by CoinGecko that shows BTC’s price in the last few hours.

btc-graph-08-06-2021

Since Bitcoin’s price correction last month, the flagship crypto asset was seen to reach the $40,000 region for a brief moment. The cryptocurrency is now in the $32,000 region and is likely to decline more according to American stockbroker Peter Schiff.

While the price can decrease, the investors and traders of Bitcoin should not be worried or concern. Instead, interested parties can avail themselves of the opportunity and invest in the digital asset by using the best Bitcoin exchanges.

Novice investors can also ultimately consider crypto trading, in which case, they can use ByBit.

Interested parties who do not have enough time or expertise required to actively trade can also opt for copy-trading and use PrimeXBT Covesting. Copy-trading is an easier way to trade that allows inexperienced traders to automatically copy the trades of an expert, without the need to constantly monitor the market trends.