The price of the largest cryptocurrency, Bitcoin, has dropped by more than 2% and fell from $7,400 to $6,950, going way below its this month-high and pushing tokens and other major cryptocurrencies to record losses.
However, Bitcoin was not the only cryptocurrency to record losses. Ethereum has sunk even more, recording a 10% loss, just like Ripple (XRP), Bitcoin Cash (BCH) and EOS (EOS), all falling from 10% to 12%.
Currently, it seems like the top 7 cryptocurrencies are all in the red – which is a sign for a new bearish market and a massive correction. If Bitcoin manages to rebound to $7,200 or $7,300, the bearish market may be over soon. However, if the largest cryptocurrency by market cap falls below the support level – just like it did when it first sunk to $6,950 today – a drop to the low $6,000 is definitely expected on the horizon.
According to one crypto trader and technical analyst named Edward Morra, a correction is coming. As he explained:
“Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like a correction is incoming (if not a reversal). However, we also need to understand that shorting here is being in the vanguard, as there are no clear confirmation of a trend change as of yet.”
There are two outcomes possible for Bitcoin right now in September – to either break above $7,500 or to stay below the $7,000 mark and come close to the $6,000 region in the upcoming days.
As Bitcoin falls, the prices of many small market cap cryptocurrencies and tokens may also bleed out further, deleting their short-term gains and confirming that the ‘bears are awake’ in the new bearish market.
High Bitcoin Volatility Expected Soon: Price Analysis
Ether Is Consolidating The Losses Against Bitcoin
Cameron And Tyler Winklevoss: It’s Bitcoin’s Bottom Of The First Inning
"We still think it’s the bottom of the first inning."The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
“Welcome to the party, what took you so long?”Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
ECB Official Warns: Libra Could Be Very Dangerous Without Rules
‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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