Bear Euphoria Continues As Bitcoin Plummets Below $10,000

The coming altcoin news and Bitcoin news too show a negative decline in the crypto markets, leading to billions of losses on a weekly level. The bear euphoria managed to ‘steal’ away more than $60 billion over the past 7 days and Bitcoin is now down by more than 26% in the same period.

The recent tumbling of Bitcoin’s price of 15% triggered the altcoins to post new losses too. Instead of optimistic targets, the latest cryptocurrency news show bearish targets – with the one of $8,800 that is currently in sight.

Since the weekend, the bear euphoria made BTC dump more than 30% as the selloff accelerates.
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From an intraday high of $10,750 seen yesterday, Bitcoin is now at $9,500 losing a lot of its value in the past 24 hours. A very slight recovery has made BTC fix its sentiment and go from $9,260 to $9,500 which is the price point at press time.

We can definitely attribute the decline to the latest altcoin news where Facebook’s Libra is a main point of interrogation and investigation from the US Treasury Secretary. On top of this, it seems like Trump’s comments on Bitcoin accelerated a further decline in the long run – despite the House Representative Kevin McCarthy who admitted to ‘liking Bitcoin’.

This did not stop the bear euphoria as the slide back to four figures resumed. According to the expert trader and analyst Alex Kruger, pullbacks should be welcomed in a bull market. As his optimistic tweet showed:

“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”

We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:

“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”

As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run – and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.