Last week, the main cryptocurrency did not show growth, taking with it lower and lower the cost of other cryptocurrencies. So, the peak of growth occurred on 09/19/2019, when the price of Bitcoin was $10, 270.5. In recent days, the value cannot rise above $10000. What affects the depreciation and is growth expected in the near future?
Is 10000 a new bottom for the main cryptocurrency?
Interestingly, most cryptanalysts predicted a completely opposite situation: Bitcoin was supposed to grow in value. So, the founder and CEO of deVere Group, Nigel Green noted that the cost of $10000 is a new bottom for the main cryptocurrency. According to the CEO of deVere Group, having reached the above mark, Bitcoin is growing rapidly. However, then it turns out that the trend is erroneous.
What affects the growth of bitcoin?
Nigel Green also mentioned that investors and traders are gaining confidence in cryptocurrencies. This is influenced by factors such as the ongoing conflict between China and the United States and Britain’s attempts to secede from the EU. The vast majority turn to digital assets as insurance options. Caught in the spotlight, cryptocurrencies should show growth.
Positive cryptocurrency market news should also influence the price increase, for example, the recent purchase of Facebook – Servicefriend startup . But here, the news did not have any effect on the increase in value. It turns out that the demand for the purchase of Bitcoin is not growing.
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Exchanges are for cryptocurrency, but there is no growth in the rate
Another important point is the planning of large cryptocurrency exchanges to include new assets. For example, the famous Coinbase platform plans to list 17 new tokens. Among them, Gram from Telegram attracted special attention. However, even such news did not prompt the course to grow.
More unexpected news was the announcement by the Stuttgart Exchange of the launch of a regulated cryptocurrency trading platform – BSDEX. This is despite the fact that in August this year, the country's authorities planned to introduce tighter controls on money laundering using digital currency.
All this suggests that even the trust of large platforms does not signal a desire to actively buy Bitcoin now.
To sell is cheap, to buy is expensive
At the moment, there is a lateral trend, which says that market participants have stood still. Most do not want to buy the main cryptocurrency at the current price, while the rest do not want to sell it at the same price.
Editor: Jerg Wos