The next few days will show investors a lot about Bitcoin price action. While there were short phases of stability and recovery, it never really led to a momentum that could help the currency grow at a stable pace.
Despite the drop in price, several bitcoin bulls are holding on to their coins at least until November.
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The Bitcoin drop pulled back all other top 10 largest cryptocurrencies by market cap, except Tether, which was up by 0.17%.
In a nutshell, it is apparent that although the corrective move that Bitcoin has been going through since December a year ago seems to be over, the uptrend is having difficulties resuming due to the negative news that the Blockchain industry has been suffering.
Failure to hold on to $520 levels through the morning could see Bitcoin Cash pullback through the morning low $514.9, with any slide through $510 bringing sub-$500 levels and the day's first major support level at $492.6, sentiment across the broader market to dictate whether Thursday's $485 low is in play in the event of a sell-off.
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Today, one Bitcoin is worth about £4,886, which may sound a lot, but at its highest in December a year ago, the price of Bitcoin was at £12,393, so this is a huge drop in value. The current target are the long-term lows, slightly below the 6000 Dollars. One of the things that is highly anticipated in the market today is the possibility of having a Bitcoin ETF. Cryptocurrencies are going through a tough time - but market optimists continue to believe that a recovery is in sight.
The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the previous year, so any kind of updates on that can certainly move the prices.
As is common in the crypto market, the drop caused a ripple effect, and in that time over $40 billion was shed from the market capitalization of all cryptocurrencies.
Market analysts have stated that large institutional firms and big investors need to find a reputable institution offering crypto services so that they can get comfortable investing in cryptocurrency.
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