It looks like Bitcoin is shattering the hopes of those who were betting high on its upcoming value. While the king crypto is still holding its first position, it falls under $9.6K, dragging other cryptocurrencies in a bearish zone.
Bitcoin Eyeing $9K
At the time of writing, Bitcoin by market value fell to $9507 against USD with the negative remark of 6.67 percent over the past 24 hours. Nevertheless, the market cap also plunged to $170,220,898,984.
Bitcoin’s bearish view is one of the key reasons why major Altcoins are battling at their lowest level. Consequently, the second-largest cryptocurrency, Ethereum is tumbling with over 9 percent in just 24 hours, which affected its trading value to $169 against USD.
Moreover, similar narrow price range can be seen across other altcoins including XRP that saw a drop of 5.29 percent, Bitcoin Cash fell by 8.28 percent, Litecoin y 9.61 percent, Tether by 0.33 percent, Binance Coin by 12.22 percent, EOS by 8.44 percent, Bitcoin SV by 6.63 percent and Stellar declined by 7.53 percent over the past 24 hours respectively. Besides top 10 coins, Coinmarketcap shows the red figures for almost all its 100 top-ranked cryptocurrencies as on August 29, 2019.
Given the fact that the crypto market is too volatile, crypto enthusiasts on Twitter and Reddit are quick to point the market update. But as always, a specific reason that’s resulting in the market crash is yet to observe.
John McAfee – Bitcoin to Reach $1M by 2020
While the drop comes in the wake of Bakkt’s revelation of its futures contract, Dave Balter who is the chief executive of Flipside Crypto Inc. said that;
“From our end, it looks like it was a sell-off to cash-settled futures that are coming due on Friday for BTC.”
To note, Flipside Crypto Inc. tracks blockchain transactions data by separating the real users and speculators. With this view, it’s worth noting that the whales continue increasing their effort to move massive crypto assets between different wallets.
Having said that, only the time will tell whether or not Bitcoin will reach a price of $1 million by the end of 2020. Bitcoin at $1million was the prediction by famous Crypto influencer, John McAfee who bullishly out spoke about Bitcoin’s price of 2020 back in November 2017.
Although Bitcoin and other cryptocurrencies have been used for various illicit activities, including funding to Jihadist group and darknet market, the very fact barely affects companies viewing it as an alternative solution.
Conclusively, crypto is now a widely used across Hong Kong during its ongoing protest as a form of payment, but the sudden decline is shaking the crypto market enthusiasts, traders, investors, and community at large.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.