Bitcoin recently broke briefly for the second time since its rise last year the $6,000 floor it has often toyed around with but always bounced back from.
There has been little news surrounding Bitcoin or cryptocurrencies in general lately, as public interest seemingly has completely left the digital asset.
This means the “hype/euphoria premium” has been completely drained almost it seems from Bitcoin and other cryptos, leaving the asset at a price low based off future valuation expectations.
Cryptocurrencies are in the middle right now of immense transformation on the regulatory, business, technological, and financial instrument fronts.
When in coming months these developments are rolled out, Bitcoin and other cryptos may bounce back as both their underlying value increases and public interest swoons in again.
The past few weeks have been turbulent for Bitcoin (BTC-USD) in what of course has already been an incredible volatile year. The price of Bitcoin seemingly began to climb up from its ‘floor’ of the mid-$6000 level all the way up to over $8,200 by the end of July. However then a sudden mini-bear market began, as the price fell over the next several weeks until breaking $6,000 on August 13 and 14 briefly before bouncing back up to the mid-$6000’s.