It’s been exactly a week since the dip of bitcoin and other cryptocurrencies began. This was caused partly because of Elon Musk’s tweet about Tesla suspending Bitcoin purchases due to environmental concerns. Another reason for the plunge includes the Commodity Futures Trading Commission (CFTC) announcing that they would be investigating Binance. Binance is very well renowned in the world as one of the largest cryptocurrency exchanges so it is no surprise that this news causes a dip.
Bitcoin had plugged from over 58,000 dollars to less than 40,000 in the space of a week and a lot of holders are in a panic. Some of course see it as an opportunity to buy cryptocurrencies but you should remember to identify just how deep your risk tolerance runs before you invest. After all, there is this fear nobody wants to give a voice to just yet. “What if it never rises again”?