News

Bitcoin could not hold above $10,000

Aug 29, 2019 Forex News

In just 30 minutes, Bitcoin lost $600 on August 29th. The average BTC rate fell to $9642. At the time of publication, the price of Bitcoin is $9437. So, the price lost the next $200.

In twitter, trader and analyst Big Cheds drew attention to the increased volatility that triggered the weakening of the cryptocurrency.

Some observers believed that the $10,000 mark is a kind of updated bottom for Bitcoin, and the coin should not fall below this level. However, BTC demonstrated the unpredictability of its behavior.

In the cryptosphere, the interest for cryptocurrencies is weakening under the influence of several factors. First of all, this is due to increased administrative pressure on the industry and the transition of players to a wait-and-see strategy.

However, at any time, investors can return to the market. In this case, Bitcoin will not only be able to get support at the level of $9700-9900 but will also resume growth.

Today, all the largest altcoins are also in the red zone. The leaders of the fall are Litecoin (LTC) and Binance Coin, which fell by 9.8% and $13.3, respectively.

The cryptocurrency market capitalization dropped to $246.476 billion, the BTC dominance index is 68.7%.