Bitcoin Crashed 17%, Is It A Repeat of The 2017 Boom-and-bust

By Guest Author
Published January 6, 2021 Updated January 6, 2021
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Bitcoin Crashed 17%, Is It A Repeat of The 2017 Boom-and-bust

By Guest Author
Published January 6, 2021 Updated January 6, 2021

Bitcoin hit a record high of $34,792 on Sunday but the new high proved to be unsustainable: Bitcoin dropped as much as 17% to $27,770 within less than an hour. The largest cryptocurrency by market cap soon recovered and has climbed above $30,000. 

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While being bullish on the long-term outlook, many analysts have remarked that corrections are expected in the first month of 2021. However, the flash crash rekindled memories of the 2017 boom-and-bust that dragged Bitcoin from the previous ATH to $10,000. It has taken Bitcoin three years to revisit $20,000.

Anthony Scaramucci has warned that Bitcoin could be a “blow up top bubble,” and that investing in digital currency is not for the faint of heart. However, he remains hopeful about the future of Bitcoin, saying that “The more likely trajectory is that people can make a monumental amount of money. Bitcoin is unfettered by Federal Reserve policy or gold supply issues.” 

Bitcoin has caught the fancy of Wall Street big names and institutional investors in 2020. Scaramucci’s firm, SkyBridge Capital, recently launched the SkyBridge Bitcoin Fund LP that allows big investors to access cryptocurrencies. 

Crypto Exchange Bexplus’ Analysis Director Justin Kwok is a crypto veteran with rich experience in different derivatives. In a recent talk, he commented that “ … normally traders would do their homework before investing in Bitcoin, so they already accepted that bitcoin trading has its own risks. The more volatile the market is, the more possible [for traders] to take profit. Still, traders should be careful with their trades and avoid liquidation. ”

How to Take Advantage of the Volatility

High volatility is a constant of Bitcoin since its birth, and it is not going away in the foreseeable future. In fact, while high volatility can make traders lose a large sum of money within a few hours, it is also high volatility that helps them multiply their investments in a short time.

Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP and etc. 

  • Demo account with 10 BTC

Bexplus is one of the few exchanges that offer a free demo account, which puts you through its rules and trading widgets. Inside the demo account is 10 BTC for traders to practice and try out strategies as much as they like. 

  • BTC Wallet: up to 30% Annualized Interest Without Any Risks

Bexplus users can gain profits not only from trading. Join the Bexplus wallet to earn up to 30% annualized interest without taking risks. With up to 30% annualized interest, it is no doubt one of the most profitable rates in the industry. 

While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.

  • Trade Freely on Android & iOS

The top-ranking Bexplus app integrates all the necessary functions and tools (real-time charts, a variety of indicators, news alerts and etc.) while keeping a minimalist and intuitive interface. With the Bexplus app, you can manage your account anywhere and anytime you want. Furthermore, the 24/7 notification could keep you updated with big price movements, making it easier to secure your positions.

  • Deposit Activity to Earn 100% BTC Cashback

Deposit BTC in the Bexplus account and you can earn a 100% BTC bonus, which can also be used to trade futures contracts. Plus, more margins reduce the likelihood of forced liquidation. The more deposit, the more bonus you will get. Up to 10 BTC is available for each deposit. 

Follow Bexplus on:

Website: https://www.bexplus.com

Telegram: https://t.me/bexplusofficial

Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8

Google Play: https://play.google.com/store/apps/details?id=com.lingxi.bexplus

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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