On Thursday, 21st September, Bitcoin is again falling down, experiencing a 6% loss and trading at $3,656, as fear is amassing as China announced the crackdown of the digital currency.
Last week, as China announced that its domestic exchanges will shut down bitcoin trading, the price went down to $3,000. That was the biggest drop experienced by Bitcoin, which accounted for 40% down from $5,000. However, as doubts of whether China’s actions will affect Bitcoin passed, the price started increasing slowly.
According to Business Insider and Josh Olszwicz, bitcoin price levels may not be affected by international decisions such as China’s, because essentially they are not changing the ground-breaking technology that Bitcoin was built upon – blockchain. The benefits of blockchain as a technology and fintech opportunities remains as strong as ever.
As Josh Olszwicz said to Business Insider:
“”If it doesn’t affect the protocol, then it’s not a real problem. The bitcoin cash shakeup was much more worrisome from my perspective, but even then the core bitcoin protocol remained unaffected.”
Source: Business Insider, 2017
Overall, the growth that Bitcoin experienced so far for this year is around 430%.