Bitcoin’s price dropped sharply and unexpectedly on Friday afternoon, dropping below $53,000 at one point. After nearly topping $59,000 on Wednesday, Bitcoin entered the day around $57,000.
This is the latest in a series of recent losses below $54,000, the lowest price for Bitcoin since early October.
Multiple sharp decreases in Bitcoin’s price during the last few weeks reflect a significant reduction from the high it reached on Nov. 10 when it surpassed $68,000. The drops follow statements from SEC Chairman Gary Gensler about bitcoin regulation and concerns about the new omicron coronavirus type.
Bitcoin’s current price, despite decreasing from its recent all-time high, still represents a significant increase from the low $40,000 range seen in September. Many experts believe Bitcoin’s price will increase above $100,000 before the end of the year.
Previous sharp losses earlier this year followed China’s central bank’s restriction on cryptocurrency transactions and mining, which declared all cryptocurrencies illegal in the country in September. After hitting at $52,000 in early September, Bitcoin’s price dropped and didn’t rise above $50,000 again until October.
Bitcoin has come a long way since it fell below $30,000 in July, despite its recent and normal ups and downs.
Bitcoin first hit a high of more than $60,000 in April, and the ups and downs since then highlight the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks between the most recent July low point and its high points in recent weeks, Bitcoin has risen steadily. The future of cryptocurrency is sure to include plenty more volatility, so these ups and downs are par for the course.
