The latest Bitcoin news show that the price of BTC is quite vulnerable this month of January. After it retreated above the $4,000 mark with hopes by many that it would even rise to $5,000, Bitcoin (BTC) again proved its bearish momentum and fell down to $3,750 overnight.
The $300 fall happened in under 30 minutes, when Bitcoin was trading at $4,036 and immediately fell to $3,782. Later on, BTC dropped even more and wiped out nearly $10 billion in a 3-hour period.
Right now, the bearish momentum is strong with Bitcoin and this may be a sign that the most dominant cryptocurrency could stabilize at this margins before initiating a bull run, perhaps in a long time from now.
The current drop of more than 8% for Bitcoin has stopped as the BTC price corrected to $3,821 and is now suffering from a 5% drop. However, the market is in a major downward trend as most of the top 10 cryptocurrencies have fallen by more than 10%.
The market, which was valued at $137 billion yesterday, is now standing still at $127 billion. According to analysts, if this bearish trend continues, we might see Bitcoin (BTC) at the $3,000 level soon and the market could be anywhere short above $100 billion.
For more information, stay tuned to our latests news and analysis on DC Forecasts!
Bitcoin’s Hashrate Back On Its Track After Harsh Reductions
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
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