In the latest Bitcoin news, the crypto market seems to be heading to its 2018 lows right now, but Bitcoin remains stable. On September 10th, the price of Bitcoin experienced a spike and rose from $6,190 to $6,450, which made the flagship cryptocurrency stronger and more stable.
However, the rest of the market did not follow Bitcoin’s surge. Instead, it continued the downward trend which has been at its highest on August 15th, when it reached its lowest point in the year at $191 billion.
Over the past 24 hours, the crypto market has been hovering around the $195 billion price margin, moving towards its yearly low. Still, Bitcoin remained relatively stable in the $6,300 region while small-cap cryptocurrencies dropped in value against BTC and the US dollar.
If there were any gains recently, it was the ones of ETH and EOS, which both recorded 4% and 6% gains respectively and became the best performing major cryptocurrencies in the global market. Tokens like WanChain and Augur also saw a small increase but not something that could reverse the downward trend and take it to the $200 billion price margin.
To conclude, the rapid increase in the price of Bitcoin and Ethereum suggests that the cryptocurrency market is demonstrating highly oversold conditions which also may lead to a corrective rally in the short term. If this happens, we will likely see Bitcoin breaking out of the $6,400 mark and potentially regaining momentum in the mid $6,000 region.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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