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Bitcoin Price Falls Under $28K In Past Week

Summary:

  • Bitcoin’s value dropped slightly from $28,400 to $27,828 on Monday, but analysts continue to keep faith in its performance.
  • Bitcoin is expected to bounce back from the minor setback and potentially reach new highs.

 

Bitcoin price was pegged at $27,828 on Monday, representing a slight drop in its value from the previous week which saw it trading at $28,400 around the same time.

 

Investors are not discouraged by the slight setback with analysts believing that the crypto is shaping up to reach a new 2023 peak.

 

A week ago, we reported that Bitcoin had shot up by 19% within seven days, reaching a new high for the year and the previous 12 months. The drop we are reporting this week is nothing compared to the rise it recorded, which means that the digital asset is still doing pretty well.

 

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During the week under consideration, Bitcoin approached $29K but stopped short at $28,700 sometime on Wednesday.

 

 

Unlike the previous week, there wasn’t big happenings in the crypto industry. Although, we did report some interesting things.

 

For example, TRON founder and diplomat Justin Sun, along with a slew of celebrities which included actress Lindsey Lohan and singer Akon, were charged for crypto violations bordering on misleading the public regarding some unregistered tokens.

 

There was also the story of crypto company Coinbase receiving a Wells notice about an impending lawsuit action. And Tether trying to soothe frayed nerves by assuring its customers that it had up to $1.6 billion in excess reserves to back its USDT stablecoin.

 

Still, there is nothing big enough to cause the price drop we recorded. Examining the price history, we notice that most of the damage happened after Thursday, and it could be explained that the reduced activities on the weekend contributed to the dip.

 

Bitcoin is expected not just to bounce back but reach new price benchmarks in 2023.

 

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.