Bitcoin Sinks Below $10K Again in Mid-July Sell-off
Bitcoin Price Drops Under $10,000 for the Third Time this July
Despite short-term, dramatic boosts to prices, BTC sank to the $9,600 level suddenly, in a mid-week sell-off.
Bitcoin (BTC) looks shaky again, after burrowing below $10,000 for the third time this month. The leading coin kept up the pattern of getting a short-term boost, followed by a crash. BTC traded around $9,740.86 as of 7:40 UTC on Wednesday, on volumes of around $18 billion’s equivalent.
But the effect has failed to boost the coin to above its all-time peak, as mainstream investors are still staying away. The current price activity is mostly already experienced traders increasing their trading on the new type of crypto-to-crypto exchanges, fueled by stablecoins.
Traders see the more recent spikes as relatively weak, sending BTC toward bearish territory. BTC no longer has the drive to go toward $12,000 or repeat the yearly highs, and the renewed expectations see the coin sliding below $8,000: https://twitter.com/CryptoDonAlt/status/1153804917208825858
BTC is also losing its appeal to US-based investors, despite the recent launch of Bakkt futures testing. US-based exchanges are rethinking their model, and trading moves to an international environment.
The most recent slide in BTC prices shrank the dominance to 65% of the entire market cap for all digital assets. But the lack of stability for BTC also means altcoins are left reeling, with many unable to stage another rally either in dollar terms or against BTC.
The Bitcoin network’s hashrate is also volatile, shifting between a recent peak at above 74 EH/s, down to 58 EH/s, still a high level, but showing a temporary cut in mining power. Transactions have also slowed down in the past weeks, to around 300,000 in 24 hours, with pending transactions down to around 4,000, down from recent peaks around 15,000. Lowered Bitcoin network activity may point to a lowered enthusiasm for trading and arbitrage.
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