Bitcoin rises and falls from USD 10,000!

What is happening in the market?

The price of bitcoin (BTC) has been convulsed for days, dropping from USD 10,000 and returning to the price just 24 hours later, to reach more than USD 10,500 at the time of writing. The same has happened to the rest of the crypto currencies. What happens in the market?

In order to understand better the cryptocurrency market these days, we spoke with Guillermo Escudero, CryptoNews market analyst. As he explained, although there is a structural trend that seems to be bullish, days like the ones experienced in the last days will be repeated, making special reference to taking profits that many investors could be leading.

“Many of those who entered the market from the minimum of 3,000 may have left their BTC positions into parity currencies or direct into fiat money to take profits.”

Guillermo Escudero, Market Analyst, CryptoNews

In his opinion, Libra’s representative David Marcus’ hearing before the U.S. Congress could have had an influence. Although most of the criticism focused on Facebook and Libra, the analyst believes that the event may also have frightened some investors who were positioned in BTC or other crypto currencies.

However, despite the bitcoin drop on the previous day, Escudero emphasized that $10,000 is a key price, which ensures that it is an important support. “Trump’s criticism through Twitter can also have an impact. Although the ecosystem believes that it is a victory, but on the other hand there are investors who can think differently,” he said.

Escudero maintains that the market can keep up the upward trend, but “adjustments are needed and reasonable”. We could see a situation where the price continues to rise and reach new heights. The growth rate is almost six months high, so perhaps the time has come to take this change seriously, which has also been accompanied by a significant increase of the Volume of the exchange rate.

Currently each bitcoin has a price of USD 10,549, with an exchange volume of USD 25,378,319,289 during the last 24 hours, its main exchange markets being CoinBene, Bit-Z and Binance, mainly against tether (USDT).

Media: Criptonoticias.com