Market Tumbles as Bitcoin Price Approaches US$11,000


For some investors, these past 24 hours have represented a state of panic, as cryptocurrency markets are experiencing a major drawback after an explosive December and first half of January. With Bitcoin down over 20%, only one coin on the top 100 outside of Tether (USDT) has maintained its dollar value in the wake of the current Bitcoin dump. Neblio (NEBL) is the only currency in the top 100 on Coinmarketcap that has appreciated in the past 24 hours, gaining 1% in USD to achieve a price of US$23.86. Beyond that, only 22 of the other 99 currencies on the front page have outperformed Bitcoin. Fortunately, Bitcoin has maintained value above the 10k support, and has only spent small amounts of time below US$11,000. Supporters and skeptics alike have a number of theories to support this major downtrend, in which the global market cap has dropped over US$1050 billion. Before today, the overall market was worth 680 billion. After reaching a low of 450 billion, the global cap is currently valued at 530 billion. A major factor many have attributed to this downtrend is recent uncertainty towards cryptocurrency in South Korea. Briefly, there were government talks of prohibiting cryptocurrency to some extent. This will not be the case in Korea, as these talks were responded to by hundreds of thousands of citizens signing a petition in support of cryptocurrency overnight, as well as calling for the resignation of the Minister of Finance. However, there is still likely going to be some…
Source: Market Tumbles as Bitcoin Price Approaches US,000

Leave a Reply

Your email address will not be published. Required fields are marked *