The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin generally tumbles
On Thursday, Bitcoin generally dived, proceeding with its losing marathon.
After Monday’s leap, Bitcoin moved down towards $6,500. As a result, on Thursday the currency pair BTC/USD hit $6,453.14, declining by 0.9% on the Kraken exchange.
However, some market experts pointed out that Bitcoin’s uncertainly might be coming to its end. To prove their words, they refer to the soaring number of transactions a second. They’re assured that it’s a 100% sign that the end of the flat cycle is over there.
As a matter of fact, transactions a second appears to be a gauge of the scalability of blockchain technology.
Some financial analysts are assured that the coming several weeks could appear to be a near-term pivotal point for many crypto assets. It can be explained by the fact that the vast majority of crypto assets have stayed in narrow consolidations for a long period, although many are actually testing crucial technical trading levels. So, if these levels are broken, it will undoubtedly provoke a dramatic response by market participants.
Experts added that the midcap, large-cap as well as small-cap indexes, which all of the firm tracks are pushing resistance, as well as a jump above the index peaks in September could provoke a run up.
The collective alternative to Bitcoin, altcoins followed the most popular digital coin down on Thursday. As a matter of fact, the currency pair ETH/USD lost approximately 2.1% hitting $198.76. The currency pair BCH/USD lost nearly 2.3% hitting $429.10. The currency pair LTC/USD declined by about 2.1% showing $51.47. The currency pair XRP/USD dipped by almost 2.3% demonstrating 45 cents.
The Cboe Global Markets November delivery futures XBTX8 lost 0.7% ending up with $6,380. Besides this, the CME Group October delivery futures BTCV8 concluded Thursday at $6,390, heading south by 0.5%.
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Bears finally took over the cryptomarket and pulled the price for BTC down.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!