Analytics / Forex and Crypto News
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.
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.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
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