Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges

Coming in fresh in the bitcoin newsflash latest cryptocurrency news today, the bitcoin price crashed from $10,500 to below $9,900 causing the rest of the market to go down even further.

As the price of the number one cryptocurrency slipped 4.5 percent on the day, some of the major crypto assets such as Bitcoin Cash, Ripple, Ethereum and Litecoin dropped by 4-10 percent against the U.S. dollar. over the week, the technical analysts and trader stated that while they remain generally optimistic on the short-to-medium-term trend of bitcoin and the entire market while bitcoin breaks a key support level at $11,000 which could leave the asset very vulnerable to a correction. As Nick Cote, a cryptocurrency trader stated:

 “Bearish throwback respected at $11,000 Bullish support respected at $9,700 Bearish bias remains until we re-claim the $11,000 level.”

The $10,000 is a major represents a crucial psychological, the Texas West Capital trader Scott Melker similarly stated that the bitcoin price could even find an interim bottom at $7,246 if it fails even further to recover in the near term. The criticism of bitcoin and the crypto market by the U.S. President Donald Trump and the Treasury Secretary Steve Mnuchin were seen as a good factor for the awareness of the market by some of the industry executives it could be possible that the negative remarks had a major impact on the market. Mnuchin emphasized that the regulators such as FinCEN and the SEC will tighten their oversight on the crypto sector:

 “The United States has been at the forefront of regulating entities that provide cryptocurrency. We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities.’’

The overall stance towards the entire crypto sector by the Trump Administration and his U.S. government’s administration and their unwillingness to approve the Libra crypto project which is an asset created by the Facebook social media giant could have influenced the sentiment around the market. As the Bitcoin newsflash altcoin news outline, the analysts around the world perceive multiple factors such as the emergence of new trading venues such as the launch of Bakkt’s testing platform and the halving event could help the market regain its foot on new highs.