Experts in IT systems audits report that, over the last 24 hours, the total value of the cryptocurrency market dropped from $386 billion USD to $328 billion USD; Bitcoin reduced its value from $13.8k USD to $10.5k USD per unit.
After showing a high level of resistance to the effects of this widespread fall and approaching a new limit of $14k USD, the value of Bitcoin fell by 23% at the close of the last day.
The value of Bitcoin tends to suffer considerable falls in a bull market environment. “The last time there were bull market conditions, the value of Bitcoin suffered eight sharp falls”, says Matt Kaye, a cryptocurrency community specialist. “As with any other asset, even in a strong bullish movement, the price of Bitcoin tends to show wild volatility in short time frames”.
In 2017, when Bitcoin reached its all-time high of $20k USD, the cryptocurrency fell eight times, totaling 36% worth loss. “Bitcoin is a volatile asset. Its value should increase as it becomes scarce and desired; this is always the case, the law of supply and demand works in this way,” say experts in IT systems audits.
After the price drop to $10.5k USD, the virtual asset recovered quickly to $11.5k USD, almost a 10% increase in price.
Specialists point out that Bitcoin has not yet experienced a serious drop since it began its uptick a few weeks ago. Forecasts indicate that, if the upward trend continues, the value of Bitcoin could reach a limit of between $13.8k USD and $14k USD.
Bitcoin recently exceeded the limit of $11k USD after nearly two years, IT systems audits specialists from the International Cyber Security Institute (IICS), mainly due to two factors: the confidence they have shown some international companies in virtual assets, and the announcement of Libra, the Facebook cryptocurrency that aspires to become a global means of payment.
He is a well-known expert in mobile security and malware analysis. He studied Computer Science at NYU and started working as a cyber security analyst in 2003. He is actively working as an anti-malware expert. He also worked for security companies like Kaspersky Lab. His everyday job includes researching about new malware and cyber security incidents. Also he has deep level of knowledge in mobile security and mobile vulnerabilities.