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Bitcoin Hits Back At $5,100 CAD After Drop In Price

Bitcoin news (pixabay)

Bitcoin has fluctuated in price for a little while. It has hit record-breaking numbers that have made a lot of people very happy with the return result. However, it has also caused a lot of people to lose money because of outside factors that have caused the price to dip. Bitcoin recovered and is now back in the five thousand dollar range where it is in its best days.

Bitcoin recovered from its recent drop to around $4,300 CAD after the Chinese government reportedly started shutting down Bitcoin exchanges. That caused the price to drop a little bit and caused some people to sell their amount in Bitcoin because of sheer fear.

You can read our article on China reportedly shutting down Bitcoin exchanges here

With any investment, people can gain money and lose money, with cryptocurrency that's simply even more truthful than before. When Bitcoin jumped up in price it caused a lot of people to get more money because it was worth more. However, when it dropped a little bit, people who had purchased their share of the coin ended up losing money. The reason that they lost money is quite simply put, they bought at the wrong time.

Bitcoin managed to start hitting record-breaking numbers around August of 2017 and continued to grow slowly into September until China was rumored to be shutting down Bitcoin exchanges.

Once again Bitcoin managed to recover from the price drop because of continued support from companies, nations, and of course the community of miners, traders, and investors. There is also the day to day growth of knowledge that may have contributed to the price recovering since more people learn about it, more people want their share of the digital gold rush.

Overall Bitcoin has recovered and it's beneficial to a lot of people because they may not feel that their investment has gone down the drain, or that they may have just made some decent capital that they can use to pay rent or anything else for that matter.

By Michael Normandin

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