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Are You Betting On Bitcoin? Are You Bullish Or Bearish? Bitcoin Bettors Get Scared As Bitcoin Core Tanks Close To The $6,000 Mark. In September 2018, the price of Bitcoin was trading over $7,400 before a negative rumor came out about the investment of a large online brokerage firm investing in Bitcoin. Since then, it was a bloody month. Above all, we saw Bitcoin tank all the way down to almost six thousand dollars in mid-September 2018. However, at the end of September / beginning of October 2018, we saw BTC start to make a comeback and get above the $6,500 betting mark. Now, it is October 12, 2018 and we are seeing the price of Bitcoin sitting at around $6,100.
Well, it is hard to say. The simple answer is yes because it has been selling off. However, many hardcore crypto bettors that “HODL” swear the price of Bitcoin will increase again. That said, we know Bitcoin is very volatile and can be a beast when it is going up or down. Furthermore, the bulls and the bears have been making new predictions (as they were wrong about their old predictions). According to the CNBC article it appears that “Cryptocurrencies continue plunge with another $6 billion of value wiped out in a day”.
In that article, one of the CNBC analysts made a “boring” statement about the crypto selloff. Above all, it appears that Arjun Kharpal (@ArjunKharpal from CNBC) believes that was no catalyst for the price drop. However, Bitcoin and other cryptos have never responded to “Mainstream” catalysts anyway, have they?
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Indeed, Bitcoin took a big hit. However, Ripple ($XRP) and Ethereum ($ETH) took a larger hit. Furthermore, this appears to be one reason that there was a big selloff in the entire crypto market. According to ArmyOfBitcoin.com, Ripple ($XRP) has a $17,028,605,099 USD market cap. Furthermore, there is currently 39,997,634,397 XRP is circulation. The volume in the last day was $893,341,874 USD and it trades at $0.425740. That said, most people don’t consider Ripple ($XRP) a good investment because it does not use blockchain techology.
Ether or Ethereum uses Blockchain Technology. However, Etherum currently trades at $198.56 per coin. Above all, this is seems like a HUUGE discount, especially since it reaching it’s $1,500 high’s in 2017. Furthermore, the Ethereum price drops -1.56 percent in one day with a circulation supply of 102,527,871 ETH.
Let’s put things in perspective, right? Is $6,000 still the support level for Bitcoin? Do you think the prices are going to the $5,000 mark? Are you betting on BTC or against it? That said, it appears that Bitcoin found stability around the $6,278.61 mark. Will it continue to fall, only time will tell.
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