The most volatile cryptocurrency Bitcoin (BTC)is changing its price instantaneously after a moment of the uptrend which the crypto industry witnessed last month. On July 23, at the time of writing, Bitcoin (BTC) is clinging back to a price of $9,956.81with a circulating supply of 17,833,137 BTCthat is showing a market cap of $177,561,129,249on a price tracker website CoinMarketCap.
In spite of a price slide back, the largest digital asset is still indicating a market dominance of 65.2% on overall altcoins.
BTC price Revolving Around Four Figure
Data from CoinMarketCapshowing BTC price movement is getting down from the barrier mark which the analysts have predicted earlier and now failed to even acquire support at $10000. Due to the price fluctuation, the change(24h) is noticeably visible in minus red reflecting a percentage of -5.33.
Last weekend the pair of BTC/USD showed a curious rotation of price which downswing around $10,600. On July 22, the price was hovering around $10,300 and the event somewhere made the investors cautious enough to invest analytically in coming days.
From the past seven days, the price of Bitcoin (BTC) showing a downturn repeatedly. The breakdown in the price position from $10,000 commenced last week that continued this week which lead to a current dip of four-figure amount $9,956.
Possible Reason Of BTC Bearish Market Trend
The state of cryptocurrency is not favorable in the U.S. and India. On one side the United States President Donald Trump has started to show his distaste towards the digital assets along with Facebook’s impending stable coin and on the other side, Indian legislative authority isn’t sounding favorable towards the gold 2.0 and seeking to ban all cryptocurrencies including Bitcoin (BTC) from the country.
However, the negative stance in both nations won’t stop the likeliness of cryptocurrencies. Binance, CEO Changpeng Zhao (CZ) showed the positive inclination towards crypto which people have as they are getting educated with time. He said in an interview with CNBC, published on July 23, that unenthusiastic tweet of president Donal Trump or any sort of government ban would possibly create more awareness and can become the catalyst towards the high adoption.
Another remark came from the inventor of Lightning Torch Hodlonaut, who mentioned that political implications cannot be considered the reason for the bearish market. He has also mentioned about the U.S. Congressman Patrick McHenry, who has highlighted the importance of Bitcoin (BTC) and said “it is impossible to stop the famous digital asset by any government,” during the crypto hearing testimonyon July 17.
He noted, “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.
Interestingly, in spite of the trending dip Bitcoin is continuously setting new records. On July 20, Blockchain.com has revealed the updates while monitoring the growth of its computing power. The data displays that the total hash rate of Bitcoin has reached at a peak level of 79 tera hashes per second (TH/s) which wasn’t there when the price was $20,000 in 2017. Meaning, now Bitcoin (BTC) possesses more computing power than ever before following its transaction security.
Good Time For Bitcoin (BTC) Investors
The recent low can be seen as an opportunity for the investors to buy Bitcoin and other altcoins on a low-rate and keep it secure for later growth.
Tags: Bitcoin News, BTC, Price Volatility, Bear Market, Binance, Changpeng Zhao (CZ), Cryptocurrencies, Markets