The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Experts: Bitcoin hasn’t reached rock bottom yet
Coming off the best trading marathon for crypto assets since late July, the world’s number one crypto currency, Bitcoin headed south on Monday.
The currency pair BTC/USD hit $6,630.80, slumping by 0.7%, rebounding from a late-Friday maximum of $6,808.
Crypto bulls cheered after the total market value of crypto assets has ascended by more than $20 billion for the last seven trading sessions, thus indicating a stop in a monthslong Bitcoin bear market that has diminished the price of the number one crypto asset by more than 50% this year.
Most notably Mike Novogratz, ex- Fortress Investment Group fund manager informed CNBC that the sky appears to be the limit. He also added that it’s unreal for Bitcoin not to hit $8,800-$10,000 by the end of 2018.
Nevertheless, a senior instructor at The Options Institute at Cboe Global Markets, Kevin Davitt was more cautious. He warned market participants that it’s not the first surge in 2018. It feels like that’s the start of a powerful jump for the crypto assets after months of pressure. Traders should wait to test the whole potential of the upcoming uptrend.
Having ascended as much as 75% on Friday, the currency pair XRP/USD, the crypto asset running on the Ripple protocol has decelerated, losing 7.8% on Monday, coming up with an outcome of 52 cents. As for other altcoins, which are the group of crypto assets other than Bitcoin, they managed to underperforme Bitcoin. Besides this, the currency pair ETH/USD went down by 2.2% being worth $236.00, Aside from that the currency pair BCH/USD inched down by 2.6% showing $472.00. The currency pair LTC/USD went down by 3.3% demonstrating $58.71.
October delivery contract XBTV of the Cboe Global Markets Group Inc declined by up to 1.6% trading at $6,620.
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.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
PMI reports from the EU, the UK, and the USA will be released during the day!