Argh, some unfortunate news… Bitcoin has dropped by about $10 since the most recent price article.
We previously introduced the question of whether or not the price increase would continue in short bursts as we have been witnessing. The third US Marshals Bitcoin Auction was announced for next month, which seemed to have sparked some interest, but maybe that interest was short-lived, and maybe the auction won’t do as much as we were originally hoping. After all, traffic and participation in the second auction was considerably smaller than what we saw in the first. Maybe as each auction comes to fruition, participation naturally sinks and grows.
From the way things are looking now, there doesn’t seem to be much change in bitcoin’s pattern. The price goes up for a short while, usually stemming from some sort of interesting announcement (those who watched the bitcoin price after the Coinbase Lunar Exchange announcement will know what we’re talking about), only to fall back down once the hype begins to wan. This has certainly gotten annoying for most, and many are simply wondering why bitcoin enthusiasm can’t stay high, thus causing the price to stay elevated.
All hope isn’t lost, however. The auction hasn’t taken place just yet. Only the announcement has been made. The event is slated for March 5th, and the bitcoin price could rise again following the event or during the auction itself. It’s likely many crypto-fans are expecting such.
For now though, we’re stuck waiting until that day comes… And waiting for the bitcoin price to recover once again and slide back up to where it was just a few days ago. Maybe even higher; it seems that bitcoin just doesn’t realize… It’s always welcome in a higher kingdom.