The price of Bitcoin (BTC) has had a pretty rough week and today hit a bottom for the first time since the end of July after falling below $ 10,000. Has the crypto market panicked?
What happened to Bitcoin?
Bitcoin consolidated for weeks between $ 11,250 and $ 12,100; just this week we reported on his latest attempt to exceed 12K. However, today the crypto traded hands for $ 9,990, after being seven weeks above $ 10,000
This happened right after the cryptocurrency tried to win back $ 10,500, however it crashed and lost all five figures within seconds.
Did they ask for fun? Volatility appears to have been restored once again in the crypto market. The problem is that fear seems to have reached the market.
Yes, for the first time since July the index ‘Cryptocurrency Fear & Greed‘Showed that sentiment in the crypto market turned cautious. The next few hours in the crypto market are undoubtedly a mystery.
Bitcoin bottomed out today, will it do it again? Currently BTC is valued at $ 10,562 according to the CryptoTrend tool, Crypto Online.
China reduces its exposure to the US dollar
It seems that Bitcoin is not the only one having a rough week. According to the Global Times, China has likely decided to reduce its holdings of US Treasuries.
Yes, according to the local media, China is reducing its bond holdings as a result of the economic policy that has been generated in the United States. This in the face of inflationary concerns.
Is everyone fleeing the dollar? I don’t think so, but it’s certainly not good news. It could also be good news for the crypto market in the long term.
This is what makes Bitcoin valuable!
A report entitled “Bitcoin Valuation” was released by Grayscale today. According to Grayscale, the report aims to show investors why Bitcoin may be more important than ever.
While Bitcoin is going through some pretty rough days on the market, Grayscale assures that the crypto deserves a market capitalization much higher than it currently has.
As might be expected, Grayscale’s argument is connected with the current unprecedented monetary and fiscal stimulus in the world economy. Therefore, Bitcoin is the alternative that offers scarcity and verifiable supply without controls that we need now.
“We believe that (Bitcoin) can be harnessed as a store of value and as a way to escape this great monetary inflation”, sets the report.
In a few lines …
- The Southern District Court of Florida accepted the motion filed by Craig Wright and Ira Kleiman to postpone the trial. So this has been postponed to January 4, 2020.
- Joseph Frank Abel confessed to being a part of BitClub Network, a crypto Ponzi scheme worth at least $ 722 million.
- Today the Ethereum All Core Devs was held with the aim of discussing proposals to improve Ethereum.