The crypto market yet again has dropped although not that significant but it did lead however to bitcoin declining by 4%. Other cryptocurrencies dropped even by 5 or 6%.
Experts believe that the recent downfall in price is because of the rejection of a few Bitcoin exchange-traded funds by the US Securities and Exchange Commission. After the decision was announced, the Bitcoin price went down from $6.400 to $6.250. Luckily, the market got back on its feet pretty quick leading bitcoin to $6.450 and is now showing some stability in the $6.000 range. In our previous bitcoin newsletter, we wrote about how certain experts think that bitcoin is now testing this price range before getting into a rally but what is most important is that Bitcoin will, however, need a stable moment before it starts a proper mid-term recovery process.
In the past 12-14 months, bitcoin showed a lot of signs of stability especially since it remained in the $6.000 range despite being extremely volatile in this same range. Bitcoin maintained to remain stable within this range. Right after the ETF disapproval, Bitcoin made an immediate recovery which is a great sign that this cryptocurrency is getting more stable and investors are getting more aware why this is still the number one cryptocurrency.
It’s important to know that Bitcoin did drop by 4% and other major cryptocurrencies did as well but it is most likely that in the short term bitcoin will remain in this current price range where it is now which will be beneficial for the entire market in the long run.
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