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A hard time for Bitcoin

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A hard time for Bitcoin
September 30
13:00 2019

Last week was the worst for the most popular cryptocurrency in the world. Bitcoin quotes fell below the psychological mark of $ 8,000 per unit. The well-known portal MarketWatch has calculated that over the past week bitcoin has lost about a fifth of its value. This is the largest drop of the cryptocurrency in the current year.

Bitcoin has been having a hard time over the last few months; the cumulative drop has amounted to about 34%. But there are still reasons for optimism. So, since the beginning of the year, the increase in value has amounted to 115%. In mid-summer, Bitcoin reached the mark of $ 10,000 per one cryptocurrency. Last time the market observed such a trend at the beginning of last year. The market still remembers the times when Bitcoin broke the level of $ 20,000 (this happened at the end of 2017).

Analysts cannot name the exact reason for the summer surge as well as the fall that is currently being observed. The combination of technical and fundamental reasons explains what’s going on now.

Bitcoin is currently trading at $ 7,797, which is almost 3% less than it cost yesterday. Analysts at Coinmarketcap.com have estimated that the Bitcoin market capitalization has totaled $ 144.6 billion.          

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company
UFT Group

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