Bitcoin is currently trading at a cost of just above $33,000 leading all other cryptocurrency competitors. However, last Thursday Bitcoin had a mini flash crash, it slipped in price and has taken a lot longer than usual to recover from this crash. Most other Binance Coin’s such as Dogecoin, Ripple, and Ethereum all consistently fell between 3-6% overnight as well.
Analysts assume, but have not confirmed, that the reason being is many rumors have started to spread about Apple announcing a substantial investment in Bitcoin. Despite the rumors of Apple investing a huge amount into this cryptocurrency, the market still dropped about 5% throughout the day.
Apple is biggest company in the world by market cap, however throughout the years they have stayed very neutral at the thought of investing into Bitcoin. Despite their competitors such as Amazon, Facebook, Google, and Microsoft and their ongoing partnerships with different Binance blockchain options. Out of all of these companies, Apple still is the largest cash-holding company with over $195.57 billion dollars in reserved funds. To put that into perspective, if they invest $1.5 billion dollars into bitcoin, they would only be representing 0.76% of their distributed funds.
The world’s biggest cryptocurrency has been moving at an alarming slow rate at about less than 1% week by week. Even these latest’s jumps in the market have been unable to bump Bitcoin back to where it usually is at. Analyst are hoping for a big movement in the market similar to the one seen in October of last year. Even though since June of this year Bitcoin has not gone below $32,000 or over $36,000.