Those keeping an eye on the cryptocurrency markets will know that they have been volatile as of late. Now, the price of Bitcoin has plummeted below $10,000 for the second time in July of 2019. Furthermore, all major coins are similarly in the red and seeing substantial losses.
Bitcoin price dips below $10,000
The price of Bitcoin has been slowly subsiding after the premier cryptocurrency reached a new 2019 high of $13,000 a few weeks ago. Now, however, the price of Bitcoin has once again fallen below $10,000. This can be clearly seen in the attached screenshot from Coin360.
This continues a short bearish trend seen during the past week. Specifically, the price of Bitcoin is down more than 20% over the past week alone. Furthermore, this comes as Bitcoin’s market dominance has been growing during the last few weeks.
It is unclear exactly what has brought about this downturn in crypto prices. However, Facebook recently spoke to the US Congress regarding its crypto Libra, which has been partly attributed with revitalizing the cryptocurrency market.
US officials have also taken a hardline stance against Libra in the latest few days. Most notably, President Donald Trump took to Twitter to bash Facebook’s cryptocurrency. In addition to this, a House of Representative draft bill that is decidedly anti-crypto has reportedly leaked. Furthermore, the US Treasury Secretary, Steven Mnuchin, also recently called crypto a “national security issue”.
Why is the market falling?
It could be widespread uncertainty regarding the future of crypto that is bringing the prices down. Nonetheless, Toshi Times recently covered how traders can make gains even in a bearish market – through shorting and derivatives trading.
With this being said, however, Bitcoin is not the only cryptocurrency feeling the market downturn. Although the price of Bitcoin works as a gauge for the wider crypto market, the other major crypto coins have similarly been affected.
At the time of writing, Bitcoin is trading at $9,585 – which means it is down 10.48% day-over-day. Ethereum is trading at $202.78, representing intraday losses of 10.8%. Litecoin is down to $80.01, following losses of 10.19%.
Furthermore, EOS has seen a drastic decrease of 12.63% – bringing the price down to $3.69. Ripple has fared a bit better, with more modest losses of 4.59%, which translates to a price of $0.298. DASH, on the other hand, has seen losses of nearly 16.77%, and is currently trading at $100.30.
It remains to see whether these marketwide losses are merely a blip, or indicative of a more bearish market.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.