Dramatic crash in Bitcoin worries investors, experts estimates dip to $5000

World: After the Bitcoin scams came to the fore, the digital currency dropped in a steady manner to about $48,000 from $64,829 in few days. It might be a rollercoaster ride for the investors, but scams worth millions of dollars is a big point of worry for them. Experts have estimated that Bitcoin prices might observe a record-breaking drop ending up to a price of $5000, which is currently nearly $50,000 towards USD. Digital Currency, which was first introduced in the year 2009, has taken the investors to the next level, but no one knows if the bubble burst and prompt thousands of people who have trusted in bitcoin to suffer a major cash crunch.

After the steep incline in the prices of Bitcoin in the year 2017, it persuaded people to chase their fortune, but unfortunately, a person who runs behind easy money or seeks unchallenging opportunities easily falls victim to the opportunistic con artist or a hacker who intentionally perpetrate Bitcoin frauds.

The reason behind the steep fall in prices of Bitcoin is that its plausibility is now compromised as a number of scams are happening all across the world, such as property scam in the UK, illegal deals of firearms and ammunition, fake exchange of Bitcoin, money laundering and many other.

In addition to this, the head of South Korea’s financial regulatory agency ignited the controversy after his statement over digital currency. Eun Sung-soo (Chair of the Financial Services Commission) FSC said, “In South Korea, there are about 200 cryptocurrency exchanges in the country, but if the situation continues, then all of them would be shut down.”

He said this while referring to the money laundering law, which has been continuously flouted by the people who deal in Bitcoin. Several countries around the world have already placed a ban on the exchange of Bitcoin, terming it a scamming platform, such as China, Bolivia, Algeria, Morocco, North Macedonia, Saudi Arabia, Russia, Vietnam, Ecuador, Colombia and others.

Generally, countries including the US, Canada, Australia, the EU and UK had reacted positively towards Digital Currency, but as the results are coming out, they are forced to rethink.

Although Bitcoin is now more than 12 years old several countries around the world are worried to have explicit systems that restrict, regulate or ban Bitcoin. The decentralization and anonymous nature of Bitcoin provide extensive benefits to the con artists and challenges the government from giving a green signal to cryptocurrency.

Notably, the rise of scams sparked investors to bout selling or trade their Bitcoin, which further accelerated the downfall. In simple words, traders lost over $10 billion in a single day due to a dip.