In the latest Bitcoin news, the most dominant cryptocurrency has dropped again and this time fell to $4,270, losing about 6% of its value. The total market cap also suffered from a $6 billion decrease and now has $137 billion in circulation according to data from CoinMarketCap.
Bitcoin has reached a new weekly low on fiat-to-crypto exchanges such as Coinbase, Kraken and Bitstamp, and has dropped by 21% in total against the US dollar over the past few weeks. Similar to Bitcoin’s strength from August to November despite the intense sell-off, bears are struggling to bring BTC below the $4,000 support level.
Right now, analysts believe that if Bitcoin continues to defend the $4,000 level in the weeks to come, it is possible for BTC to end the year with a positive sentiment, possibly around $6,000 which is now the major resistance level for the dominant cryptocurrency this year.
However, an alarming trend is that the prices of cryptocurrencies are dropping by relatively large margins with low daily volumes. For example, the daily volume of BTC is averaging around $5 billion which also suggests that BTC has fallen by more than 3.5% over the past day without significant sell pressure from bears.
Aside from Bitcoin, Ethereum has also dropped by more than 8% over the past 24 hours, with a high volume of $2 billion and now trading at $120. Throughout the last six months, ETH rarely experienced a surge in its volume over the $1 billion mark, which is an indicator of an increasing sell pressure from individual sellers and ICOs.
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“An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require,” he noted.As you may know from our crypto news before, the city of Zug became the first city in Switzerland to accept Bitcoin payments in 2016 as Bitcoin Suisse announced. The capital of the "Crypto Valley" in Switzerland started accepting Bitcoin payments for certain city services such as public utilities in May 2016. The payment was reportedly signed at 200 CHF worth of BTC.The city of Zermatt is now next in the news, as one of the most innovative cities which expand their crypto financial services industry in terms of Bitcoin powered tax payments. In the rest of the world, we can see that many global authorities deem such an option too risky due to Bitcoin's high volatility.
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"Volume tells all,” says the trader Scott Melker as he expects more progress for the dominant coin versus the volume in 2020.In contrast to this, a lot of regular consumers appear only a little interested in Bitcoin and its recent price rise over $9,000. According to what we see in the latest Google search results, the search requests for "Bitcoin" remain flat now.However, we can see many good news on the horizon. The higher price is also subject to a lot of speculation from commentators. An analysis shared on Tuesday showed the trader Tone Vays demanding the $9,000 level hold for at least several days before he considered a bull market in effect.Another indicator called the Bitcoin Fear & Greed Index which charts Bitcoin and its likely price trajectory based on investor sentiment, which is flashing bearish. Currently, with a score of 57, this metric is slanted towards suggesting that the market is "due for a correction."
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