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.
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.
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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“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”This move is definitely a headache and as BitMEX faces a new lawsuit, it is something that is piling up in the negative news as of recently. According to reports from earlier, the exchange has seen its popularity enduring despite a major data leak in November. Bitcoin news outlets showed that executives at the exchange appear a little concerned by the blunder which saw a lot of email addresses sent out to other users.However, what still remains good is business - and daily trade volumes for the Bitcoin (BTC) derivatives are unchanged and currently at $1.6 billion. From this point, BitMEX is solid and remains one of the top exchanges in the world.
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"None of this is related to Sean transitioning out of the co-CEO role. Sean will continue to serve on Circle's board.”As a reminder, Neville launched Circle with Jeremy Allaire back in 2013. As Circle lays off 10 employees now but has been strong over the years. We can see that they directed many of the changes in the industry in the recent years, including a pivot away from Bitcoin (BTC) as well as the acquisition of the cryptocurrency exchange Poloniex back in 2018.Last month, two former executives at Circle, Daniel Matuszewski and Julien Collard-Seguin along with a third partner founded the proprietary crypto trading firm CMS Holdings. This firm plans to invest 30% of its capital in the most liquid cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and around 40% to 50% into less-traded digital assets.Matuszewski, who left the company in August, admitted that he would not have started a similar firm a couple of years ago because of risk concerns and explained:
“There was always a non-zero chance that bitcoin would gap down, die, and never come back. [...] It’s a lot safer now, in that it’s probably not going to disappear.”
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“This [course] includes using data analytics apps, creating trading bots and founding business models based on the blockchain. As a result, my students could one day achieve financial independence, which is my main goal,” the academy head Hatem Mabrouk at the American Institute of Monterrey Preparatory School in Mexico said when describing the project.
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