0
🤷 Opinions
653 views

Bitcoin’s Price Volatility Shakes Market Leaving Most Coins in the Red - A Big Concern, or Simple Correction?

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
Bitcoin’s Price Volatility Shakes Market Leaving Most Coins in the Red - A Big Concern, or Simple Correction?
Cover image via www.freepik.com
ByBit
Contents

There was a brief bit of excitement towards the end of the week as the price of Bitcoin managed to spike to a high of $9,000, but it was fleeting.

The Bitcoin price volatility quickly saw that high drop back down, and then drop significantly, taking the rest of the cryptocurrency market with it.

In the top 20 coins, only one is in the green, the little known Cosmos Coin, while some coins, like Bitcoin SV are down as much as 20 percent after their own high bouts of volatility. Most of the coins have followed the dip in Bitcoin’s price, which is now hovering around the $8,200 mark.

The question that is on everyone’s lips is weather this is a mere correction in the entire market after following Bitcoin’s parabolic rise to $9,000, or if there is something more to this and a longer downward trend might be on its way.

A red day

After tracking green for most of the week, the market is almost totally red as the week draws to a close, with some major losses for some of the better known coins.

Bitcoin managed, this week, to break from just below $8,000 to upwards of $8,500 in a quick move which drove the market into a positive space, but now, there is a cumulation of $10 billion that has been wiped from the market.

Ethereum, the second largest digital asset that was showing good growth potential is also locked in a bearish trend. The coin has lost nearly 9% in recent 24 hours to trade at $254.

Ripple’s XRP settled under $0.4200. The coin is down 8% on a day-on-day basis, moving in sync with the rest of the market.

Bitcoin SV has lost a staggering 20 percent over the last 24 hours but this comes after it spiked from about $120 upto $220 earlier in the week. Its current losses have it back down to $186, so still well up for the week.

Cause for concern?

In general, Bitcoin’s volatility has started to come back, but mostly with longer term upward trends showing growth of over 100 percent in 2019 alone. In that though, there has been a number of big spikes in growths, as well as drops in value.

This has had a big effect on the altcoin market too which has been closely tied to the major cryptocurrency.

However, this latest move, first up, then quickly down, is probably nothing more than a correction with the chances of Bitcoin rising above $9,000 early next week highly possible.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
102 views

Reporting Illegal Crypto Fundraising Now Rewarded by Government Officials in China

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Sharing information about illegal ICOs with Chinese authorities could result in a financial reward

Reporting Illegal Crypto Fundraising Now Rewarded by Government Officials in China
Cover image via 123rf.com
ByBit

Those who decide to snitch on initial coin offerings are now rewarded by local authorities in China. 

Sina Finance, one of the largest business newspapers in China, has recently reported that Chinese authorities are extending their clampdown on illegal cryptocurrency fundraising. 

👉MUST READ

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

On Nov. 18, China’s financial regulators issued a letter to provincial and municipal government officials in order to prevent illegal fraudulent cases that involve the blockchain technology, claiming that it should be explored "scientifically and rationally." 

The aforementioned article reveals that Chinese citizens are encouraged to report all instances of illegal fundraising. Once their information gets checked and verified by relevant government authorities, they can get a reward from regulators.      

👉MUST READ

China's Blockchain Spending Estimated to Reach $2 Billion Dollars by 2023

China's Blockchain Spending Estimated to Reach $2 Billion Dollars by 2023

As reported by U.Today, blockchain, the technology behind Bitcoin, is now in President Xi Jinping's good graces. It was tempting to assume that China was finally warming up to crypto, but the communist state made it clear that it didn't want to touch cryptocurrencies that is cannot control. 

China was the first to issue a ban on domestic ICOs back in September 2017, which was meant to prevent any losses that stem from engaging in questionable financial activities. The People's Bank of China (PBoC) insisted that 90 percent of all coin offerings were scams. 

 
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted