The price of Bitcoin (BTC) has hovered around $11,000 after crashing from an all-time high of $20,000 late in 2017. The reason for the fall is one that many traders saw coming: a ban on trading. South Korean officials announced that they intended to ban Bitcoin in the country. This comes as many other governments are attempting to ban or regulate the cryptocurrency.
Many saw the fall in price as more than just a decline. They think that the “Bitcoin Bubble” has burst. A bubble is a large increase in price with no real increase in value, followed by a steep decline back to realistic prices. If this truly was a bubble, you could expect to see Bitcoin stay low and slowly grow over time.
*We are neither recommending nor discouraging the trading and purchasing of Bitcoin.