2019-10-7 14:09 |
Coinspeaker
Bitcoin Price Goes Below $8,000 as the Cryptospace Experiences a Squeeze
In what seems to be a return to bearish tendencies, Bitcoin price has dipped below $8,000 overnight, fortunately, major altcoins haven’t followed suit this time. At the time of writing, BTC was down 0.83% to $7,967.00.
The altcoins, on the other hand, have fared differently with each altcoin seeming to find its ground. Ethereum (ETH) is down 0.51% to $174.16, XRP is up 5.44% to $0.27, EOS is up 1.27%, Tether down 0.71% to $1 while Litecoin is down by 0.97% to $55.68.
Several factors may be responsible for this. Intercontinental Exchange (ICE), one of the largest operators of stock exchanges in the world launched the Bakkt Bitcoin futures exchange which deals with physical deliveries of the futures upon expiry. Investors, however, have yet largely indicated mild interest in the futures exchange in what seemed to be a blow to the cryptospace.
Just for a reminder, several days ago, crypto investment fund Galaxy Digital and over-the-counter (OTC) trading firm XBTO announced they have managed to organize the first block trade ever of Bakkt’s Bitcoin futures contract. In simple words, a block trade is a large transaction that is processed off the open market to avoid moving the price too much. Despite the companies haven’t disclosed any further details (as price or size), the move is considered to be a major milestone.
Asides this, the alleged controversies concerning Tether (USDT) have taken a new dimension as Bitfinex and Tether are facing another round of legal issues concerning market manipulations. This comes amidst skepticism of the validity of cryptocurrencies tied to the US dollar being identified as actual cryptocurrencies or extensions of the world’s largest fiat currency.
Thirdly, the introduction of large privately issued cryptocurrencies such as Facebook’s Libra also has increased investors’ skittishness while raising the bar for market entry for new cryptocurrency tokens as well. This has led many to believe that the anticipated golden moment for the cryptospace may be yet still be quite far away for now.
Fourthly, regulators are still trying to wrap their heads around what exactly to do with cryptocurrencies and their underlying technologies. Some governments, such as those in Europe are already thinking of how to implement their electronic currencies on a national and supranational scale while others have chosen to ban cryptocurrencies totally or in part.
This, of course, will reflect in the mixed prices seen so far as these mixed feelings towards the cryptospace will, of course, be reflected in the price movements.
Bitcoin Price Goes Below $8,000 as the Cryptospace Experiences a Squeeze
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