The latest cryptocurrency news show that the price of every major cryptocurrency took a nosedive lately, setting a new low for BTC and many other coins. The two month low for Bitcoin has stabilized the cryptocurrency well below the $10k threshold to its lowest level of the summer.
In the coming altcoin news, we can see that Ethereum, Litecoin and Ripple’s XRP also sank between 5% and 10% in a matter of minutes. Many investors are now left wondering whether this sudden fall is actually a cheap buying opportunity – or a critical blow to Bitcoin.
Right now, all eyes are on China. As Forbes confirmed this week, the central bank in the country is expected to launch a state backed cryptocurrency as well as issue it to seven institutions which include the names of Alibaba and Tencent. The platform could be available as soon as November 11, which is China’s busiest shopping day.
“China’s strategic plan is to integrate more closely with the rest of the world. Cryptocurrency is just one of the means to have a more internationalized renminbi. It’s all strategic,” the chairman of a private equity firm named HAO International Charles Liu noted.
Meanwhile, the two month low for Bitcoin kicked in. However, Bitcoin proponents are still optimistic about the cryptocurrency’s near term future. As Tyler Winklevoss who is one of the founders of the Gemini exchange recently said:
“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money,” noting that Wall Street was “asleep at the wheel” during Bitcoin’s rise to prominence.
No one knows if the two month low for Bitcoin in the $9,500 region was a huge blow for the cryptocurrency markets in general. What is clear is that today the market remains unchanged as Bitcoin stabilises at $9,600 before it starts building up new momentum.
Many best cryptocurrency news sites report that the market cap also stabilized and is at $248 billion right now. The 24 hour trading volume is not that impressive, being at $40 billion right now, while the Bitcoin dominance is still at 69.2% which is a good factor only for Bitcoin.
The biggest loser on the day in the altcoin news is Binance Coin (BNB) which lost 2.77% of its value and is trading at $21.45 right now.
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