The price of Bitcoin dropped below $6,600. A report highlighted two reasons that lead to the decline in price. One of them being the loss of $38,000 worth cryptos on an Ethereum powered adult entertainment site and $700 million lost to a hack. If the crypto continues to encounter such downfall, it would reach $6,300, as reported.
The price of bitcoin dropped below $6,000 level. Reportedly, the market capitalization was observed to be below $200 billion, the lowest in 2018. Currently, the crypto is traded at $5,900 level. The price has depreciated by 5% in the last 24 hours. The price of Ether and XRP has also dropped. The value of XRP has depreciated by more than 90%.
The Bitcoin price has slipped down to $7,500 level. Though the crypto seemed to be hit with bearish trend during the past two months, the price rose recently.The crypto was traded at $8,100 level on Tuesday and later fell to $8,000 level and $7,700 level. The crypto price is observed to have ‘recovered slightly to trade at over $7,500.’
The founder and chief investment officer (CIO) of Miller Value Partners, Bill Miller recognized bitcoin as the most stable cryptocurrency. According to Miller, the crypto is equal to gold. Miller quoted, “Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful,” and also emphasized that most of other cryptos are ‘probably worthless.’
The Bitcoin has touched $8,000 level. It is observed that the crypto price has rallied by more than 20% over the week. The daily trading volume has reached near $6 billion. According to the CoinmarketCap, the crypto has recorded a weekly low at $6,700 recently. However, favorable moves by the regulators seem to have an impact on the rising price.
Marc Lasry, the co-founder, chairman and CEO of Avenue Capital Group, predicted that the bitcoin price would reach $40,000 one day. Larsy quoted, “The reason why I like Bitcoin is that it’s the one that everyone is going to come to. The one will have the biggest market benefit is going to be bitcoin.” Larsy mentioned that they are freely tradable.
The Bitcoin price rallied above $7,000. It is reported that the crypto price has increased by ten percent in the last 24 hours. The crypto has made $9 billion added to its market capitalization with the rise in price. The bitcoin price is rising to such level for the first time in thirty days.
The CEO of Abra, Bill Barhydt predicted that the price of Bitcoin would reach $50,000. It is reported Barhydt did not mention any timeframe within which the crypto price would rally up to $50,000. He is unsure if it would happen in five days, five years or five decades. However, he believes that the crypto price would stay when it gets there.
The Bitcoin price has dropped below $6,500. The technical charts were observed which reports that the crypto could suffer deeper losses in the upcoming days. Coindesk reported that the rising channel breakdown reveal the ‘corrective rally’ from $5,755 low recorded on June 24th has come to an end. The relative strength index (RSI) is observed in the bearish trend.
El-Erian, a businessman and economist, stated that the Bitcoin is worth to invest when the price is below $5,000 level. He is also the Chief Economic Advisor at Allianz. He added that the blockchain technology would play a vital role in the years to come. According to him, the public sector would also show interest in cryptocurrencies in future.