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Friday, 16 November 02:47 (GMT -05:00)



Foreign exchange market

Will Bitcoin Dive Below $6000?


The world’s first cryptocurrency, as well as the rest of the crypto market, ended the past trading week in the red zone. Bitcoin some 4% over the reporting period. In particular, Bitfinex traders could saw it plunge down to 6125 USD/BTC – the lowest level since February 8th, 2018.
 
According to CoinMarketCap, this week started with a further decline. However, the price has managed to recover a little bit since then, the question is whether the market is going to continue its way down to new local lows. 
 
Indeed, the current market situation may puzzle even the smartest guy out there. On the one hand, the news background is negative. For example, last week, the international community was discussing the hacker attack on Coinrail, a South Korean crypto exchange, even though this is only the 90th biggest crypto exchange out there.
 
Still this led to the fact that the crypto market cap shrank by as much as $50 billion or 14% in a matter of 24 hours, which is quite a lot. This confirms the idea that international crypto investors are still worried about security and safety of their funds, NordFX reports.
 


Another bad news release of the past week was the news that Western Union, which is a major global money transfer system, had refused to work with digital currencies. This came as a shock to many of those closely watching the situation around the global crypto market. The thing is that back in February, they reported about testing a Ripple-based money transfer system. 

 

On the other hand, there was a portion of good news as well. For example, the SEC announced that they don’t see cryptocurrency as securities, which means crypto exchanges and their traders and investors won’t be suspected of illegal financial transactions. The market has made another step out of the shade.


At the same time, Bittrex is now offering new pairs – Bitcoin, Tether, and TrueUSD paired with the U.S. Dollar. For now, it’s available for a selected range of American clients. After the product has proven their consistency, they will become available for everyone.

Most of the experts interviewed by PRIME assume that Bitcoin is going to spend this trading week moving up and down within the scope of the $6,1-6,7 range. Market uncertainty is expected to be the key reason for this market behavior.


 

 

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