After a slight sell-off earlier yesterday, the cryptocurrency market began to plummet. Today’s Bitcoin price has disappointed quite a few people because of a seamless reduction below $ 7,000.
Bitcoin price fell below $ 7,000
After failing to conquer $ 7,400, today’s Bitcoin price continues to slide and drop below $ 7,000. At press time, Bitcoin is trading around $ 6,970, down 4% in the last 24 hours.
Looking at the chart for the past seven days, the Bitcoin price has recorded a slight 3% decline. However, the coin retains a sideways trend for 30 days.
However, AZCoin News recommends that people should not be too pessimistic about the market. Because ten years ago, if you asked someone what they thought about Bitcoin after a decade, very few people thought that Bitcoin would cost thousands of dollars. In December 2009, Bitcoin was worthless. Without an official exchange in the cryptocurrency exchange market, people will continue to trade Bitcoin in whatever value/ratio/commodity they deem appropriate.
After ten years, Nakamoto’s prediction – the design of Bitcoin that could make it so valuable – came true. Bitcoin has been accepted and used as a means of speculation and investment in the market.
According to a Twitter poll posted by cryptocurrency market analyst Mati Greenspan, nearly half of the 2,884 respondents believed that a Bitcoin would cost more than $ 1,000,000 by the end of 2029. Bitcoin $ 1,000,000 sounds ridiculous because if calculated from the price of $ 7,000, it will increase by about 14,300%. However, it is not surprising that Bitcoin has risen by nearly 73,000,000% in the last ten years.
Where will Bitcoin be in 10 years?
— Mati Greenspan [not trading advice] (@MatiGreenspan) December 29, 2019
The second-largest cryptocurrency in the market is Ether, currently at $ 127.49. This number one altcoin saw a small decrease in synchronization with Bitcoin, recording a decline of about 3.3% at press time. However, over the past seven days, ETH has recorded an increase of about 2%.
The third-ranked cryptocurrency, XRP, is no exception in today’s slight downtrend. XRP is currently trading at $ 0.188, a slight decrease of 3% at press time.
Source: Coin360
Not only does Bitcoin price today show a downward trend. The top 20 cryptocurrencies in the market are also showing marked red candles. In particular, Tezos (XTZ) and EOS have dropped by nearly 7% in the last 24 hours, recording levels of $ 1.27 and $ 2.46, respectively. The LEO token (LEO) may be a bit resistant to this trend as it still gains 2% in the last 24 hours.
Total cryptocurrency market capitalization is currently at $ 185 billion. In particular, Bitcoin Dominance is reaching 68.1%.
China may soon have first Blockchain ETF
The China Securities Regulatory Commission (CSRC) has received an application for listing Exchange-Traded Fund (ETF) for the track. It reflects and reflects the performance of Shenzhen-listed public stocks that have businesses in the Blockchain industry. This ETF was called Penghua Shenzhen Stocks Blockchain ETF and was approved by CSRC on December 24, 2019. If the ETF proposal is put into practice, this will be the first completely Blockchain-themed ETF open to public investors.
The ETF was received at the same time the Shenzhen Stock Exchange rolled out a Blockchain 50 Index comprised of 50 stocks listed on the exchange that has entered the Blockchain industry.
Although the application has been accepted, it has not yet been reviewed and approved. The application process will be overseen by the China Securities Regulatory Commission (CSRC).
Read more:
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