Forex and Crypto News

The 10 000 level is broken. Why did this happen?

11:44 02 July /2019

The largest cryptocurrency started the week by weakening. Yesterday we noticed the first signals of declining below $10,000.

Today, Bitcoin could not hold above this psychological mark and descended to $9800. At the time of publication the pair BTC/USD is trading at $9775, it's market capitalization dropped to $175.613 billion.

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The daily trading volume is fixed at $36.773 billion. The last time Bitcoin was trading at the same level on June 21, after which we saw an aggressive rally, and the cryptocurrency was able to get closer to $14,000 in just a few days.

The beginning of July became unsuccessful for Bitcoin due to the transition of the majority of investors to the wait-and-see tactics.

The decline in digital asset investment was caused by the success of US-China trade negotiations. Both sides expressed readiness to resume dialogue, which could lead to a softening of positions.

While the so-called trade war between the two largest economies was growing, investors were looking for ways to protect their capital, as the dollar was rapidly losing ground. As a result, in May and June, the growing investment in Bitcoin provoked its jump to the highest level since the beginning of March last year.

As a result of the softening of US-China trade negotiations, the American currency became popular again, and traders began to withdraw capital from the crypto market from the end of June.

The value of all digital assets now stands at about $291.899 billion. According to analysts, Bitcoin runs the risk of descending below $9000 if in the near future the transfer of funds to traditional assets takes more aggressive forms.

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