The cryptocurrency markets lost more than $40 billion over the course of the last week when Bitcoin (BTC) dropped below $7,000 for the first time since May 2019. According to data and the latest Bitcoin news, we can see that the prices are still struggling to recover.
What actually happened is a situation where the markets were experiencing a downtrend for the past week or so and major cryptocurrencies were in the red. Bitcoin has dropped to $6,930 at its most minimal point and lost more than 20% in the last seven days.
On a wider scale, the cryptocurrency markets lost more than $40 billion and Ethereum which is the second biggest cryptocurrency dropped to $136, the lowest point since April. ETH reached $148 later on and corrected well.
A situation like this one would definitely have analysts weighing off different opinions. Famous for their “HODL” or not shorting digital assets, analysts believe that the downtrend might continue. Peter Brandt is one of them – he wrote that the BTC price might still go down soon.
— Peter Brandt (@PeterLBrandt) November 25, 2019
Brian Kelly from CNBC called this “an important low” commenting on the Bitcoin price movement on Friday at the FastMoney CNBC show. He also said that he believes growth in the Bitcoin addresses by 5% in the past 30 days is a good sign of a reversal and that “the fundamentals are improving on a selloff” as he said. However, the cryptocurrency markets lost a lot this week.
— CNBC's Fast Money (@CNBCFastMoney) November 22, 2019
The co-founder of Ethereum, Charles Hoskinson, wrote a post saying that the price of the leading cryptocurrency will reach $10,000 again and even $100,000. He remains optimistic despite the fact that the cryptocurrency markets lost $40 billion in a week.
Bitcoin's price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that's going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2
— Charles Hoskinson (@IOHK_Charles) November 22, 2019
There are many different speculations over the reasons behind the recent fall of crypto. According to Bloomberg, for instance, the cryptocurrency markets lost that much because of China’s recent decision to halt cryptocurrency operations.
According to Oliver Renick who is a lead anchor at TD Ameritrade, prices are down because people are starting to realize that “they don’t need Bitcoin.” Still, all of these are personal opinions and there is no big and general cause for the recent drop.
At press time, the cryptocurrency news show that the market is recovering and has a total of $196 billion.
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