Bitcoin rate in seven days lost 30%, investors massively sell cryptocurrency
Stock Markets Group – bitcoin exchange Rate today has fallen below $7 000 after started the other day the downward rally. Buyers have handed over all the important levels and given the opportunity bitcoin to fall to a new stage.
Bitcoin price 7 days lost almost $ 2,500, or 30%, which was the biggest drop over the last month and a half. After the buyers were able to send quotes of bitcoin above $8000, the market began to attract new investors, and it seemed that very soon the price of Bitcoin will reach a level of $10 000. However, the negative external background, which was observed during the week, did not allow players to move on.
However, the exchange rate of bitcoin is still in the framework of technical correction and in the current situation and possible growth.
Cryptocurrency in the top ten highlighted in red. So the Bitcoin Cash rate fell to 4.61% and is at level 692 $ for capitalization 11 972 billion. The Ripple rate fell by 2.11% and reached $ 0.4311$, with market capitalization 16 884 billion. Ethereum was down 2.47% and made up 407 of the market capitalization 41 $ 150 billion.
21:15 GMT., major exchanges show the following values of the rate BTC/USD:
Bitstamp – $ 6 967 (-5.97%)
Bitfinex – $ 6 978 (-7.3%)
Coinbase – $ 6 974 (-5.43%)
The market capitalization of Bitcoin at the moment is $120 248 billion Total capitalization of the stock market 234 139 billion.
The exchange rate of bitcoin should be 213 000$ to replace the dollar
This is stated in the next report of the largest Swiss Bank UBS sent to customers.
According to analysts, the main reason why bitcoin cannot be used as a means of payment, lies in the lack of universality and the bandwidth limitation of the blockchain network.
“Our results show that Bitcoin in its current form is too limited and unstable to take the place of payments for global transaction or become one of the main financial assets”
The report also notes that in the current state of cryptocurrency can be considered an alternative asset class, with unstable prices.
Over the past year, the scope of use of bitcoin in trade decreased significantly compared with the 2017 year, when the growth of the value of the cryptocurrency to $20 000 reached $411 million, according to a recent study by Chainalysis.
In the report, UBS said that to use bitcoin in payments, increase the efficiency of transaction processing. The network still needs serious improvements, and it is important that you must do in the near future to integrate the most popular cryptocurrencies in the global financial system.
Given the high interest in digital assets, the investment Bank believes that even with the current flaws, to replace the money supply of the U.S. dollar, the exchange rate of bitcoin should be almost 213 000 dollars.
Bitcoin exchange rate today
During the day, the cryptocurrency has shown a negative trend and is likely to close in the red. Meanwhile, support in the region of 7 000 dollars can become a main support for buyers and keep sales to new attempts of growth.
The past week was rich in negative messages, resulting in the bears received support.
Bitcoin exchange rate after a short pause, will resume growth and in this case, the first resistance to a digital asset stands at $7 500. Then the buyers try to return to the level of $ 8,000 and gain a foothold above.
The negative scenario
The rate of bitcoin will continue to fall, cancelling a technical correction and developing a full-fledged decline.
The next target is around 6 500 $ and then $6 000, where price last time was June 27.
In the current situation we suggest to wait for confirming signals, both for sales and for purchases. Bitcoin is hard enough over the last few days has corrected the previous growth, so in the short term, the market situation may change.
Market analyst cryptocurrency
Stock Markets Group™