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Bitcoin Price Drops to $10K As Cryptocurrency Market Dips

July 1, 2019 at 21:49 by Matt Jackson

Bitcoin (BTC) prices fell to $10,000 today, taking all of the major cryptocurrencies, and most altcoins, with it. Although Bitcoin’s price has recovered slightly to trade at $10,500, this is still a 6.7% drop over the past 24 hours, and a fall of $2,500 since Bitcoin was trading at $13,100 just 4 days ago. Although Bitcoin has seen the biggest losses of all the major altcoins, a sizable fall has also been witnessed by Litecoin.

Bitcoin has been in excellent form since April, when the digital gold was trading at $4,000. In the 3 months since that date, Bitcoin has seen its price recover to $13,100, before sliding back to its current level of $10,500. Some analysts have warned that the retracement could continue below $10,000 and potentially down to $9,000, before BTC prices are expected to continue their recovery.

Figures from Google Search Trends suggest that interest in Bitcoin is increasing. Data from June 29 indicates that the number of searches for the term “Bitcoin” hit a 17 month high at the end of last month.

However, while Google searches are up, the number of cryptocurrency app downloads has not made any significant impact when compared to the same period last year. In the first half of 2018, there were 65.8 million cryptocurrency related app downloads. In the first half of this year, there were 67 million downloads. It is worth noting that the Robinhood mobile app was expanded at this time last year, offering commission free trading and garnering 3 million registrations in the first half of the year.

Ethereum, the second largest cryptocurrency by market capitalization, has also enjoyed a positive 3 months. It started April with a price of $140, rose to a peak price of $350, and has now retraced back to $290. The cryptocurrency is expected to face resistance above this level, making it difficult to break back to the $300 mark.

Bitcoin (BTC) prices are down 6.64% at $10,531.46 while Ethereum (ETH) is trading $290.94 after falling 3.07%. Ripple (XRP) has seen its prices fall 0.99% and is now trading at $0.401. Litecoin and Bitcoin Cash prices have fallen 5.58% and 0.92% to $120.98 and $411.16 respectively, as at 22:45 GMT.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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