Bitcoin had been on a bull run for a long time and reached a record high of $65,000 in April 2021.
A few factors contributed to the sharp rise in Bitcoin prices. Firstly, companies like Tesla, Square, and MassMutualinvested in the crypto market and bought crypto assets in sums equivalent to billions of dollars. Secondly, the FED’s generous stimulus package brought further investor interest, and thirdly many investors placed their confidence in cryptocurrencies because they felt they had nowhere else to go.
Some experts even predicted Bitcoin would reach $75,000 in Q2.
Bitcoin performance in Q2
Bitcoin is considered to be the king of the crypto space because it was the first popular crypto coin and thanks to its medium of usage throughout the globe. However, in May 2021, Bitcoin’s price dropped by 30%, and a few factors fueled this crash. The same Tesla that had bought millions of Bitcoin, announced that they are not accepting it as a form of payment any longer due to their concern over the crypto coin’s impact on the environment.
This move caused investors to fear that prominent merchants’ confidence in the digital currency might be dwindling. Another contributor was China’s crackdown on crypto mining across the country, causing Bitcoin to touch below $30,000, the lowest in the last three months.
Apart from Bitcoin almost all the crypto coins – DOGE, ETH, CAKE being among them – saw a massive price cut with 45%,40%, and 38% downfalls respectively. Rates of all the coins were dropping and were in red. The retail traders, investors, and stocks who had their investment in Bitcoin also saw a significant loss in their shares.
What’s next for BTC?
As for now Bitcoin is testing a major support zone, and from a price action point of view, sellers can still find momentum down. Price is still shaky and is seen bouncing between $30,200 and $40,500 since mid-May.
However, a report from Bloomberg’s Crypto Outlook predicts that the price of Bitcoin could reach $100,000 in 2021. Therefore, further selling might be short-term, but it is hard to predict as the crypto market is highly susceptible.
Crypto trading platform displayed on a laptop
How to benefit from this price volatility?
There are multiple ways of benefiting from Bitcoin’s price volatility, and one way is by trading cryptocurrencies. To do this, you need to register with a broker that offers crypto trading.
Omplix is a cryptocurrency broker that aims to make crypto trading accessible to novice and skilled traders. Omplix offers a wide variety of crypto assets at your disposal. The Omplix trading platform is fitted with the most advanced and innovative technology.
Their platform is accessible through multiple devices, such as laptops, desktops, tablets, and mobile. They are committed to making the trading process easy and user-friendly. They assign you a personal account assistant to provide the necessary support.
They offer a brief introduction to cryptocurrency education and a blog section covering account security, crypto trading strategies, and tips to trade crypto effectively.
Customer support at Omplix operates 24 hours, five days a week. You can reach them via email or live chat service. Omplix has a complete legal compliance section, which stipulates the necessary policies and agreements for you to scrutinize.
Bottom line
We will wait anxiously to see how the Bitcoin price plays out for the remainder of 2021. In the meantime, as a novice or experienced trader, you can benefit from the volatility of the crypto trading market. An excellent place to start is to consider Omplix. They are dedicated to making the experience as comfortable as possible by providing innovative tools and expert support to their customers.
Discussion about this post