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Bitcoin News, Updates: Investors Panic, Value Dips Below $6,000

Bitcoin.geralt/Pixabay

Cryptocurrency was always going to be a volatile market, but Bitcoin is actually doing a decent job maintaining the value of the platform. After recently dropping below $6,000 on Tuesday, the coin quickly rallied and is now above the minimum limit that the developers have set. Unfortunately, this hasn’t seemed to reassure nervous investors who are prone to panic.

As Bloomberg points out, the Bitcoin train is currently trudging through its rockiest tracks of the year and this is likely to be the case for quite some time. While many still believe that cryptocurrency is the future, some are beginning to doubt just how big a role it is going to play. For now, it seems clear that the world is still unsure about it.

On Tuesday, for example, indicators sent out major warnings to sell when the cryptocurrency’s value began to dip. This is an important point to understand since the indicators then said to buy once the coin rallied. Bitcoin is basically doing its best to remain relevant in the eyes of investors, which could be affecting the usefulness of these indicators.

Among those who seem to be crowing the end of Bitcoin is Jim Cramer of CNBC, who recently commented on the recent dip in its value and said that “the tide has turned against it.” His sentiments echo those of many other analysts who have been predicting the fall from grace of cryptocurrencies. Understandable, considering the meteoric rise of Bitcoin in just one year.

"I'm not saying its time has passed but there is a notion that the sun seems to be setting," Cramer said.

Right now, the biggest concern of Bitcoin appears to be keeping that value line at or above the $6,000 mark for as long as possible. If it dips below that again, it could set off a panic that would only lead to more doomsday predictions for the cryptocurrency.

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