Overall Global Negativity Influencing the Bitcoin and Cryptocurrency MarketSeptember 28, 2019
When talking about the decline in the price of the Bitcoin, John Spallanzani, portfolio manager stated, “market got tired, and volume dried up.” He further noted that there is no suitable catalyst to drive it also.
Market watchers have their own opinion concerning the current trend. Several people who thought that Bitcoin is a haven asset are waking up to a rude chart that shows the price declining. However, analysts have to clearly state that this kind of activity is common when the asset continues to grow and that sharp period of volatility like this would continue to be around.
Mati Greenspan, stated, “As the volumes on these contracts have been particularly high this week, this month’s close could be particularly volatile.”
The SEC is clear about its stand on the Bitcoin price manipulation happening on the exchanges and therefore is working towards imposing regulatory oversight and surveillance.
Concerning the fall in the price of the Bitcoin ‘selling the news’ on the launch of Bakkt, is cited to be as a significant reason that has caused a fall in the price of the Bitcoin. Some attribute it to the decline in hash rate; however, others state that the hash rate is improving. The Bitcoin has fallen below its lower band.
Spallanzani opined that “a quick move back to $6,000 would not be out of the question.”
The chaos with the price of the Bitcoin is continuing and Mark Zuckerberg has revealed that Libra would not launch this year.
Zuckerberg stated, “Obviously we want to move forward at some point soon [and] not have this take many years to roll out.” He further added, “But right now, I’m focused on making sure that we do this well.” He also clarified, stating, “A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward.”
Early this year, Trump had blistered the Bitcoin, and countries like India, France, and the US are worried that these currencies would undermine their national currencies.
Marcus Swanepoel, CEO at Luno, stated, “Bitcoin staged a brief recovery yesterday but is again below [$8,000], currently trading at $7,990.”
At the time of reporting the news, the Bitcoin was trading at $8,048.
Several Altcoins have recorded losses. There is overall global negativity influencing the Bitcoin and cryptocurrency market.
Events centred around cryptocurrency are becoming sensitive and grabbing government attention now and then. Major players are focusing on doing their best before rolling their coins into the market.