Iqbal Gandham, UK Managing Director at eToro, one of the largest cryptocurrency retailers in the UK, commented:
“Big falls in the price of Bitcoin are inevitable, as are steep rises. Whilst this drop will feel dramatic, it’s only brought us back to the price of Bitcoin in November. A month is a long time in cryptocurrencies.
The fall will be driven by some investors, having made significant returns across the year, converting into fiat currency ahead of the holiday break.
Bitcoin and other cryptocurrencies are best held as a long-term investment. Trying to optimise the bumpy road by buying and selling each trough and peak is lucrative but highly risky. Instead you should take your own view on the future potential of blockchain technology and its different applications, and make your investment decisions from there.”