Bitcoin Is Bouncing Back

Bitcoin Is Bouncing Back

Crypto news Lifestyle
December 23, 2019 by Super System
361
Bitcoin Price

Bitcoin Prices Climbs Above $7000 Despite Dark Clouds Surrounding Cryptocurrencies

Bitcoin Price

The entire cryptocurrency market had a tough week this past week. The market as the whole slumped to record figures. The fallout of the slump saw the combined value of all cryptocurrencies drop by $20 billion in just under a week. 

Last week saw the price of Bitcoin drop below $7000. This meant that the premium cryptocurrency traded at its lowest for the first time in 6 months. Analysts say that the famous slump in May was all down to Facebook launching its own cryptocurrency Libra. But the cause of this slump is still a mystery to some. 

But the good news is that Bitcoin staged a dramatic recovery on 18/12/2019, to claw its way above the $7000 price mark. The recovery comes despite market analysts predicting a continuously slump. 

“Crypto prices have experienced upward movements that correspond with recent holidays—potentially because market participants may expect and try to front-run such holiday fluctuations,” SFOX analysts wrote,

It would seem Christmas came early for crypto enthusiasts.

Overall Concern 

There is still a growing concern that Bitcoin prices would never reach the promised valuation of $20,000. Low trading volumes across the entire cryptocurrency market have led to growing doubts. 

Technical data and market analysts predict that there would be a further decline in the market in the coming days as Bitcoin faces more intense selling pressure. It is not just bitcoin that is feeling the heat, Ethereumn, Ripple, Bitcoin Cash, EOS, and Litecoin have also suffered in the past few weeks. 

 

 

 


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