Bitcoin’s fight to stay above $9000 continues

The legendary Bitcoin is struggling hard to attain a price beyond 9000 dollars with eager traders keeping a close watch on the pricing index. The price of Bitcoin rose to 9500 dollars but collapsed again and again below 9000 dollars.

The price of Bitcoin dipped by 6.50% from the peak price of the day that was 9474.86 dollars to a value as low as 8860.87 dollars. The recent erratic price plunges have been attributed to the persistent regulatory norms and policies by the SEC and the government of the USA added to the uncertainty that has enveloped the selling off of Bitcoin by Mt Gox of Japan, dubbed by market analyzers as Tokyo Whale.

Regulatory ambiguity

The Bitcoin trade market is shrouded in ambiguity and uncertainty, owing to the fact, that it is being hounded by tight regulations and supervisory actions by the agencies of the USA. The regulations have adversely affected the market of virtual currencies, and have impacted the price of Bitcoin quite unfavorably.

Sale by Mt Gox

It has been observed by cryptocurrency analysts that the sale conducted by Mt Gox of Japan of about 35000 Bitcoins has terribly impacted the global market of cryptocurrencies and has added to the thick veil of uncertainty surrounding Bitcoin trade and exchange. The sale has pushed the price of Bitcoin downwards and the trend of price plunge will persist until the traders feel certain of whether the sale will continue or break off for some time.

Apprehensive traders

When the impacting factors are taken into consideration, it paves a path of grave apprehension amongst Bitcoin traders. Every investor is seeking to start investing in Bitcoin again, but the nervousness of Wall Street is holding them. However, the genuine cryptocurrency traders are accumulating wealth all the same, with the market moving sideways.