Bitcoin(BTC) price takes a cliff jump, cryptocurrency markets loose $13 Billion
Since 2013, the Bitcoin(BTC) price has always shown a strong last quarter. With the recent price rise of Ripple(XRP), many started wondering whether the last quarter bull run has started. It got more evident after the market added $21 Billion within 48 hours. But despite the initial rush of bull run prediction, Bitcoin price failed to cross the resistance and moved towards the support level.
Bitcoin price took a sharp fall on 25th September trading from $6832 on 24th September to $6480 on 25th September. Bitcoin price failed to cross $7,000 and has bottomed out between $6400 & $6500. Investors predict that Bitcoin would probably break the current support level and trade between $6,100 & $6,250.
Overall the cryptocurrency market has lost around $13 Billion and has a current total market capitalization of $208 Billion from $221 Billion on 24th September.
Bitcoin ETFs hope still up
SEC refused to make a decision over the CBOE’s Bitcoin ETF, asking for more time. With no proper rejection, Bitcoin investors still hope that Bitcoin ETFs would get approved which would make the entire market bullish.
Regulations play an important role in Bitcoin(BTC) price
In a recent research published by BIS, they conclude that regulatory announcements play an important role in the price movement of Bitcoin and other cryptocurrencies. According to the BIS report,
“The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains.“
They also conclude that bringing regulations in the cryptocurrency industry would ultimately be a good thing.
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