Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?

Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?

SUMMARY

The price of the world’s leading cryptocurrency Bitcoin has fallen 9.45% in the last 24 hours, currently trading at over $48K

Like Bitcoin, prices of most leading cryptocurrencies in the world have corrected in the last day sending some investors into panic selling

Crypto experts have advised that one should treat Bitcoin like a systematic investment plan and buy fixed amounts at regular intervals without paying heed to the price

On Monday, February 22, the price of 1 Bitcoin at $57,000, had exceeded the price of 1 Kg gold bar at $56,500, solidifying the claims of crypto stakeholders that the crypto is the new age investment asset class. What followed though is something crypto evangelists would want to unsee. The price of the world’s leading cryptocurrency corrected and has fallen 9.45% in the last 24 hours, currently trading at over $48K. This has sent some novice investors into a panic, and other currencies also dropped in value sharply. 

Sumit Gupta, CEO and cofounder of CoinDCX, offered some perspective about the Bitcoin price correction. “After reaching an all-time high of $58,000, Bitcoin saw a price correction today. This was expected as markets go through such correction cycles. However, the market showed signs of recovery after falling nearly 17%. Investments in Bitcoin, like any other asset, should be from a long term perspective as the fundamentals are still going strong. Hence it is advised that investors buy the dips and hold with a long term perspective,” he told Inc42.

Previously, several crypto experts have talked about the possibility of frequent price corrections in Bitcoin, and how investors can guard against the price volatility of crypto assets. 

“At ZebPay, we encourage dollar-cost averaging — investing fixed amounts at regular intervals,” said Vikram Rangala, chief marketing officer at Zebpay. 

Rangala advised that one should buy small amounts of Bitcoin daily or weekly, hold it long-term through the ups and downs, and stick to a buying plan for years, not months. “It’s like an SIP for bitcoin,” he said.

“At some point, there is always a correction (fall) in price. Anyone who pretends to know more than this is fooling himself or others. Although, Bitcoin will continue to go up (with periodic corrections) and could easily hit INR 1 Cr by 2030, as our CEO (Rahul Pagidipati) has predicted,” he added.

Bitcoin & Ethereum Prices 

At the time of writing, Bitcoin was trading at $48,671, a gain of 0.4% in the last seven days. 

Ethereum was trading at over $1,552, a decrease of 13.57% in the last seven days. 

Other Cryptocurrency News From India

Indian billionaire says the country’s regulators need to ‘step in and ban bitcoin’

Indian billionaire investor Rakesh Jhunjhunwala said the country’s regulators should ban cryptocurrencies such as bitcoin. The investor sometimes referred to as India’s Warren Buffett said he “will never buy bitcoin.” Read the full story here

SEBI Tells IPO-Bound Companies, Promoters To Sell Cryptos Ahead Of Listing

India’s markets regulator, the Securities and Exchange Board of India (SEBI), is reportedly asking promoters looking to raise funds for their companies through an Initial Public Offering (IPO) to sell their crypto assets before raising funds. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?-Inc42 Media
Cryptocurrency This Week: Bitcoin Price Plummets Over 9%; Should Investors Be Worried?-Inc42 Media
You’re in Good company