Prior to the infamous Bitcoin hard fork deadline day on August 1st, markets were stagnating as the community awaited definitive news about what would happen with Bitcoin.
At the time, the Bitcoin price was around £2174 ($2869), an already monumental achievement for the king of the cryptocurrency world!
The weeks that followed saw Bitcoin climb to new all time highs, reaching a peak of £3755 ($4863) on September 1st. A 72% increase in 30 days is very impressive, and if you had 1000 invested, you could have sold at the peak for 1720.
(Chart in GBP £) Source
The price has been steadily receding from it’s September 1st all time high, but today it finally dipped below £3000 (about $4000)!
Although to the untrained eye this may seem catastrophic, a 20% dip like this is fairly insignificant compared to the 70% gain seen over the last month.
The digital asset is suffering at the moment amid news that China have banned Initial Coin Offerings ICO’s, but some speculate this is just a normal correction that was bound to happen anyway.
This is, to be fair very normal behaviour for Bitcoin, and it’s times like this the infamous HODLer’s like to buy and stock up on more.
The dip may however continue on a down trend in the coming days. It’s hard to say where Bitcoin will go from here, but for now many people are taking advantage of the current low prices.
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