Bitcoin (BTC) has a high impact on the market and perhaps wisely named the prominent market player. The top-ranker of the market was seen sluggish this past week. Ideally, the coin holds a decent place, especially when there isn’t any crash. Nevertheless, Bitcoin (BTC) somehow kept a swift upward movement despite a few mid-week hindrances.
In the week-long price charts of Bitcoin, the movement reflects a minor surge at the beginning of the week. On May 5, 2021, the cryptocurrency’s price was $53,900, and by the mid-day of May 6, 2021, the price jumped to $58,300. A minor drop took place on May 7, 2021, but by the next day, the same was recovered. The coin hovered around $58,000 from May 8, 2021, to May 10, 2021, with a slight slip. Since yesterday, the fall in the price of Bitcoin is exhibiting no recovery. The price has dropped from $58,000 to $55,000.
Will Bitcoin price continue to plunge?
The movement in the price since yesterday is scaring the intraday and week-long traders. For the intraday traders, the day seems to be the same. However, the week-long traders are still at $2,000 profit as Bitcoin was at $53,900 at the beginning of the week. If we look at the top ten coins in the market, then Bitcoin, Tether, and Ripple are exhibiting a plunge, but the rest of the seven coins deal in profit (marginally). On the positive side, Bitcoin has started improving on the price chart, too, after hitting $54,834 at 09:04 AM. The currency has marked improvement, and at the time of writing the article, the coin already hit $55,947. Therefore, we are speculating a speedy recovery in the market.
What about Sean Culkin’s crypto plan?
Sean Culkin is an NFL player who announced last month that he plans to convert his entire paycheck of 2021 into Bitcoin. He was paid $920,000 for the season. He tweeted that he finds that converting dollars into Bitcoin is a huge investment that will eventually pay off. Presently, Bitcoin is $55,947, and if he invests immediately, he will own 16.4 Bitcoin. There has been no current update about him, but the sources found that the player is planning to invest at least half of the amount. Apart from Sean Culkin, Carolina Panthers’ former player Russell Okung revealed that he invested half of his last season’s salary in Bitcoin.
