Bitcoin Prices Crater Following Epic Run

Bitcoin is hitting headlines again with prices falling over 40% after reaching highs just under $20,000 earlier this month. This has been an exceptionally volatile week for the cryptocurrency market due to “high-profile security problems at two exchanges and warnings from global regulators about the risks cryptocurrencies pose.”

Prices have seem to stable off as huge volume came in at the $11,000 and $12,000 range which has pushed prices back above $15,000. This could indicate a volume bottom forming which means prices will likely get a nice bounce back.

However, if you are looking to buy on this dip keep a close eye on it and don’t risk more than you are comfortable with. Volatility will likely continue through the end of the year but if you are a believer in Bitcoin, then you could be getting some at a major discount on this selloff.

Buying Bitcoin

If you are interested in buying Bitcoin the first thing you need to do is setup a electronic wallet where you can store the cryptocurrency. You can do this through a number of different brokers including Coinbase or Kraken.

By far the most popular Bitcoin exchange is Coinbase but it is limited to just Bitcoin, Bitcoin Cash, Litecoin and Ethereum so if you are looking at trading other alt coins then you may want to look elsewhere.

Final Thoughts

Lets face it, cryptos have been offering incredible opportunities this past year but it isn’t for the feint of heart. They are incredibly volatile and subject to all kinds of risks including regulatory risks, which means you shouldn’t put all of your eggs in one basket. Play it smart and take profits regularly!