Forex and Crypto News

Bitcoin Dips after breaking 10,000

16:54 10 February /2020

Today, after the breakdown of the $10,000 mark, Bitcoin shows a decline. At the time of publication, the price of Bitcoin is $9,864.

Analysts attribute the decline in Bitcoin prices to triggering take profit traders. And still, the price is above the $9,150 mark, it will be in an uptrend. The current Bitcoin price correction is very useful for further continuation of the bull rally.
btcusd-10-february.jpg

Moreover, fundamental data suggests that Bitcoin will continue to grow. It is influenced by several factors. Coronavirus, which led to a drop in stock prices. Bitcoin acts as a safe asset from the economic uncertainties caused by the fears of Coronavirus. Bitcoin is compared to gold, a traditional hedge asset. If you look at the price chart of gold, it is also growing.

Also, a positive factor in favor of rising Bitcoin prices is halving. In May 2020, according to a pre-programmed algorithm, the bitcoin rate will decrease from 1800 BTC per day to 900 BTC per day. Many people believe that in this case there will be a shortage and are already starting to buy Bitcoin.

The euphoria surrounding halving has already pushed traders to become holders, leading to a drop in sales orders. According to BitInfoCharts data analytics portal, more than 11 million bitcoins have not transferred wallets since the end of 2018.

A survey conducted by startup Bitwise Asset Management and research firm ETF Trends in San Francisco earlier this year noted that portfolio managers would double their exposure to bitcoins in 2020.

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According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov

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