Bitcoin’s price decline to $8600 led to the loss of $44 billion market cap

Bitcoin has come to $8600 after the slow, but persistent decline throughout this month. The theme of the falling Bitcoin is becoming common in the financial media just as it was one of the #1 topics during the times of its growth towards $20,000.

Before Bitcoin hit $8,600, some were expecting $9,000, and Peter Boockvar went as far as to predict $1000. At the press time, the cryptocurrency lost -15.24% on Coinmarketcap. Forbes contributors expected a drastic fall in case Bitcoin does not hold at $10,000 - which actually happened.

And yet, as noted by financial expert Brian Kelly recently, when the crowd screams about the collapse of an asset, it’s a perfect time to buy. Or maybe it’s not - after all, there are also investors who consider Bitcoin to be a speculative bubble that in reality costs nothing. According to them, the price will become $0 if no major company accepts it.

As noted by the media, the loss of market capitalization is comparable to Ford’s entire market cap. But then again, as the majority believes in the fall of Bitcoin, it can easily start growing again due to the volatility working in both directions.