What a weak for Bitcoin and the Clan. Tuesday’s $5,920.72 low was a moment of truth, not only for Bitcoin, but for the cryptomarket in general, with the cryptobears seizing the opportunity to dominate the news wires in the early part of the week.
Goldman Sachs coming out to say that most, if not all of the existing cryptocurrency prices will hit zero, referencing the dot.com bubble and the collapse of first to market players who ultimately gave way to the likes of Amazon.com and Google that dominate the market today. The talk of zero seemed to have little impact on investors however, with focus being more heavily biased towards regulatory chatter than a single opinion that may or may not become a reality down the road.
After all, the 90s is quite some time ago and some of today’s innovative platforms have already made progress in the real world, with others ready to hit the market. Bitcoin managed to close out the week at $8,886.89, an 8.5% gain from Monday’s opening $8,190.78 and more importantly, up 50.1% from Tuesday’s $5,920.72 low.
Relative to its peers, the gains were less impressive, but were nonetheless an important one for the cryptomarket, with Bitcoin being the barometer for many investors. This is largely reflected in Bitcoin’s dominance numbers through the week, which eased from 35.9 to a current 33.6%, as investor appetite for the altcoins improved through the second half of the week and into the weekend.
Fake news was certainly a contributory factor to last Tuesday’s woes, with hackers able to manipulate the markets at ease it seems. Cyber security will need to be ramped up to protect the market and investors and that may be where governments and regulators can step in, without destroying the evolution of blockchain technology that is likely to become a major element of everyday life. Get Into Cryptocurrency Trading Today” data-reactid=”29″>Get Into Cryptocurrency Trading Today The good news for the market has been the rise in total market cap, which sits at $458.05bn at the time of writing, up from a lowly $276.82bn last Tuesday. Read more from finance.yahoo.com…
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