Bitcoin once again fell back from $10,000 resistance over the weekend, and its slip has caused the rest of the cryptocurrency market to lose ground against the dollar. The world’s largest cryptocurrency is trading at around $9,700, having peaked at $9,950. All other major cryptocurrencies have seen similar losses, with Ethereum the best of the bunch.
Bitcoin has been attempting to take and hold the $10,000 mark for the past two weeks, having first broken the psychological resistance on February 9th. Its initial breach led to a quick
The rest of the cryptocurrency market has stuck to Bitcoin’s path. Ethereum, which was trading at $180 at the beginning of the month has seen a slight 0.3% loss over the past 24 hours and now costs $270 — a 50% increase in just over three weeks. Ripple started February at $0.24 and, following a 2.5% loss on the day, is now trading at $0.274.
Bitcoin has enjoyed a strong start to the year, having traded at $7,200 on January 1st, many traders are expecting further gains before the halving event that is set to occur in May. Even Binance CEO, Changpeng Zhao, has taken the unusual step of making Bitcoin price predictions. CZ, as he is more widely known, said that he doesn’t usually give price predictions because he would be wrong 50% of the time, but went on to say that he does not believe that the halving event has been priced into the current rates.
"I personally believe the halving has not been priced in."
Don't miss @cz_binance discuss @binance future, China and the impact of Coronavirus and why he is positive on the price of #Bitcoin.
See must watch in-depth interview at: https://t.co/o9xb0D0Mqp pic.twitter.com/1BTp9XXtSj
— BLOCKTV (@BLOCKTVnews) February 19, 2020
However, some crypto analysts are warning that prices may, in fact, drop before the event. With just under 80 days left until the halving occurs, traders have been warned that there has always been a
At 15:00 GMT, Bitcoin (BTC) prices had fallen 0.88% and the world’s largest cryptocurrency is changing hands at $9,780.58 while Ethereum (ETH) has fallen a more modest 0.31% and is trading at $270.07. Ripple (XRP) has shed 2.58% from its price to trade at $0.274. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have seen their prices fall 1.86% and 1.41% to trade at $387.49 and $286.43 respectively.
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