Today, I checked my e-wallet and noticed that the price of Bitcoin was the lowest that it has been all year. This is amazing news for us all especially if you are ramping up for Bitcoin halving in 2020. I will be talking about Bitcoin halving in more detail in another post.
So what does the low price of Bitcoin actually mean for you?
In a nutshell, the price of Bitcoin is cheaper and less expensive which means you should be buying! Just last week if you wanted to buy 1 full Bitcoin, it would have cost you $6,500. Right now, this very second it’s only $5,587! i.e. if you were to buy 1 Bitcoin today, it would cost you $913 less than last week!
If you already own Bitcoin, this is the perfect time to buy more Bitcoin and ramp up on your trading. As you are paid in BTC, a 1 BTC profit would mean $5,587 at today’s price. However, holding this Bitcoin until the price hits $20k again, or $30k as is expected next year, would mean a much higher profit.
If you’re currently holding Bitcoin and not compounding or gaining through trades, then you’re missing out big time. Your Bitcoin could be growing on autopilot without any effort from you. I’ve seen Bitcoin portfolios grow from 1 BTC to 5 BTC and more in the space of several weeks, from compounding alone.
Further, as we trade on volatility of the Bitcoin price, more volatility means potentially greater profit. Bitcoin’s moment of relative stability ended abruptly on Wednesday, meaning that the stint of low volatility may have finally ended.
According to CoinDesk, the world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,640.36 and then again to its current price. Bitcoin had been trading comfortably around the $6,400 range since September, a stark contrast from its volatile trading year to date.
Other cryptocurrencies fared even worse on Wednesday. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalisation, dropped 15 percent, according to CoinMarketCap.com. This is likely being spurred by uncertainty around Bitcoin cash, according to founder and CEO of BKCM, Brian Kelly.
That cryptocurrency was down 18 percent ahead of a hard fork scheduled for November 15. The two digital currencies will split into Bitcoin ABC, or core Bitcoin Cash, and Bitcoin SV, short for Satoshi’s Vision. Bitcoin Cash itself is a result of a fork from Bitcoin, after a disagreement on the best way to scale a digital currency.
The entire cryptocurrency market capitalisation dropped by $15 billion over 24 hours to Wednesday, according to CoinMarketCap.com. The total market cap of $85 billion is down more than 70 percent since the start of this year.
To summarise, now is the time to BUY. Don’t miss out on this price drop. We are unlikely to see it again anytime soon.
You can contact me via this website and my team will have you setup with a trading account within 24 hours. And the best news of all, it’s black box trading meaning you don’t have to spend any time monitoring trades. This is all done for you!
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