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Bitcoin Prices Drop Below $10,000 Before Bouncing Back Above $11,000

July 16, 2019 at 0:50 by Matt Jackson

Bitcoin is known for its price volatility, but even by its own standards, it has seen some major price action over the past 24 hours. Prices briefly dipped below the $10,000 mark, before rapidly rebounding and reaching as high as $11,000. The digital currency is currently trading at around $10,900.

Bitcoin was trading at over $13,000 last Wednesday, July 10. Prices started to decline gradually (by cryptocurrency standards) at this point, and while they did enjoy a little recovery following US President Donald Trump’s attack on “unregulated crypto assets”, they continued their price correction. Most analysts believe that the correction is a positive sign, and crypto advocate John McAfee has said that he still stands by his prediction that the digital currency will be worth $1 million dollars by the end of 2020 despite the recent arrest in price rises.

President Trump is known for his Twitter rants, favoring the social media platform to air his views on a host of topics. The President, who is currently facing criticism for his alleged racist slurs against four congresswomen, said that he is “not a fan” of Bitcoin. He went on to say that “they are not money”, are “highly volatile”, and he wheeled out what many consider to be the outdated view that cryptocurrency “can facilitate unlawful behavior, including drug trade and other illegal activity…”

Many crypto analysts and supporters have suggested that, far from being negative news for the king of cryptocurrencies, his comments actually lend the whole market credence and legitimacy. Coinbase CEO, Brian Armstrong, said that Trump’s comments means that crypto is now only one step away from victory.

Regardless of whether the intervention of the President is good or bad news, Bitcoin prices have had a difficult few days, and it has taken most cryptocurrencies with it. Some recovery is currently being experienced, however. Many analysts believe there is still some further correction, and $9,600 is believed to be the next level of major support, but one supporter that believes the long-term trend remains positive is John McAfee. The outspoken tech entrepreneur has previously expressed the view that BTC prices will reach $1 million by the end of 2020: a view that is largely seen as being optimistic. Despite the recent drop, McAfee has said that he still expects to reach this price within the next 18 months.

Bitcoin (BTC) prices are currently 5.8% up, trading at $10,899.01 while Ethereum (ETH) is trading at $231.37, having risen 2.47% in the past 24 hours. Ripple (XRP) and Litecoin (LTC) have risen 2.57% and 1.31% to trade at $0.315 and $90.87 respectively. The biggest winner of the top 5 cryptocurrencies has been Bitcoin Cash (BCH); its prices have risen 8.9% and the Bitcoin fork now costs $314.09.

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

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