bitcoin

Market Update – The Price of Bitcoin Falls Around $1,500 in 24 Hours

Analysis
Reading Time: 2 minutes

The cryptocurrency market is apparently experiencing a generalized crash. All currencies from CoinMarketCap’s top 10 are losing value, with the leading cryptocurrency in the market falling 4.30% during the last day to $37,124.13.

The total capitalization of the market is also reflecting the current drop, standing now at $1.541T, below yesterday’s $1.601T. As far as the Bitcoin dominance index is concerned, it remains at the same level as yesterday (45.3%).

CoinMarketCap

Regarding the price of the rest of currencies from the top 5, while they are all falling, they are actually almost at the same level as yesterday.

The most relevant news related to Bitcoin today is the one about Grayscale adding 13 more crypto assets to the list of assets it is exploring. While this does not necessarily mean the company will launch new trusts based on all these coins, it is actually one step towards that direction. Maybe 1, 2 or 3, who knows, might become the base for a new trust.

China has made a new move in its fight against the cryptocurrency sector. This time, the authorities of the city of Sichuan have ordered state-owned power plants and distributors to stop providing electricity to local Bitcoin miners.

We had not heard about many crypto scams recently. This has changed with today’s news about scammers sending fake Ledger wallets to users to steal their cryptos.

The weekend is almost here, and as we know, traders are usually quite active during these days. This weekend we will probably witness a fierce fight between bears and bulls, which might end up with BTC above $40,000 again or closer to the $30,000 level.

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