Bitcoin recently took a plunge downward due to factors by Russia and has caused some investors to lose faith in the reliability of the platform.
Philip Gradwell of cryptocurrency company Chainalysis recently shared his views via a blog posting. He is the chief economist for this New York based company.
“Large increases in exchange inflows have proven to be a good indicator of increased volatility, so we recommend keeping an eye on the amount being transferred to exchanges,” he wrote.
The coronavirus also played a big part in the performance of Bitcoin which is now trading at $6,000. There was a sharp increase earlier in the month of March and this was followed by a drop shortly after.
If what the expert says is true, then purchasing Bitcoin at the right time could be a big profitable investment.
What are your views on this topic? Do you believe that there is there is profit to made with Bitcoin at this time? For more visit here Forbes.com