The price of
Bitcoin
is hovering around $40,000 Canadian for the first time since January 11 after a two-day selloff saw a 10% drop in the price of the world’s most valuable cryptocurrency. The total market value of all cryptocurrencies has dropped nearly $130 million in just the last 48 hours. The market is responding not just to a huge bull run that might be causing investors to take profits, but also because
U. S. Treasury Secretary Janet Yellen
is in the media publicly voicing concerns about the supposedly growing illicit use of cryptocurrencies.
30% Corrections Are Nothing New for Bitcoin
Michael Shonnenshein is the CEO of Grayscale Investments, one of the largest institutional HODLers of cryptocurrency. He points out that 30% corrections and the price of Bitcoin are nothing new. He’s right. Between 2016 and 2017 at the height of the biggest Bitcoin boom the market had experienced until recently, there were no less than six different corrections of 30% or more on the way to higher highs for Bitcoin .
Ethereum is also down around 10% over the last 48 hours.
Where does Janet Yellen Fit into All of This?
Yellen is from the traditional financial world and she yields a lot of power. When she speaks, people listen. People are so ready to listen in fact that the crypto community has taken it upon itself to publicize what Yellen earns in speaking fees as she defends the traditional financial system.
It appears that much of her sentiment surrounding cryptocurrency has more to do with defending those who dish out her speaking fees, like Citibank for example. Vox Media is reporting that Yellen’s strong criticism of crypto stems from the fact she recently had to publicly reveal that she earned over
over the last two years. That’s why crypto bulls are online trashing her opinions online
What should you do about it?
Question everything. Buy Bitcoin . Use
to do it. Netcoins is one of the most trusted cryptocurrency exchanges in Canada and you can get started by depositing your existing cryptocurrency or depositing Canadian dollars via your bank account, e-transfer or credit card.
It's easy to
buy bitcoin with Netcoins
. Check out bitcoin prices, more info about the coin and how to get started in 3 simple steps.
Consider buying the dip folks.
Written by: Jack Choros
Writer, content marketing at Netcoins.
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
.png)
