The Currency Analytics
By Maheen Hernandez
Bitcoin is ranging somewhere in the 10,400 range, and Altcoins were showing some gains on the leaderboard.
There was little price movement with Bitcoin over the past 24 hours, which hit an intraday high at $10,580.
Following the Bakkt’s soft launch of its digital asset custody warehouse, Bitcoin lost traction to the “buy the rumor, sell the news” traction.
When Bakkt tweeted regarding their soft launch opening, the price of the Bitcoin went down from $10,900 to $10,200.
ETH has been experiencing an upward price trend. It has been currently trading at $180 per coin for 0.43% on the day.
XRP has as well been showing an upward price trend, and it has been restraining a slight gain of around 0.24% during the day. It has been trading somewhere around the $0.
Top cryptocurrencies were showing green candlesticks. BNB, XMR, ETC, and BSV were the Altcoins which were registering a slight loss at 1%.
Meanwhile, some of the market analysts opine that Bitcoin might go through yet another retracement, which might bring down the price of Bitcoin to $7,000 for several months.
Capo one of the financial analysts wrote: “Should the entire fractal play out, meaning BTC will soon lose support at ~$9,500, a drop to $7,200 to $7,500 — a key Fibonacci…
It is not only Capo who are predicting a retracement for Bitcoin, but several others are predicting a scenario where BTC would “bleed our way to $7,400 in a falling wedge.”
However, in the forthcoming years, the BTC is destined to appreciate in the upcoming years. The block reward reduction that is all set to happen for May 2020 will lead to a…
Geopolitical uncertainty, $17 trillion worth negative-yielding bonds and the Modern Monetary Theory (MMT) are popular trends, which warrant a need for a haven asset.
After several months of downtrend and bad stories, Altcoins are appreciating in comparison to Bitcoin.