Bitcoin Says Goodbye To $9K, Plunging $800 In 48 Hours

After a few days of sideways trading, Bitcoin made a move. The cryptocurrency lost around $800 in the last 48 hours. At the time of this writing, the cryptocurrency is trading at about $8,800.

Two weeks ago, the Chinese President announced that the country should put more effort into embracing blockchain-based technology, and Bitcoin’s price skyrocketed by severe 40%. After that, however, the price retraced to around $9,300 and traded in this range for a while.

Yesterday, as Cryptopotato reported, Bitcoin was testing the key-support of the 200-days moving average for the fifth time (in ten days). Unfortunately, this time, the support failed as Bitcoin fell below the $9,000 level, at least for now. The current low sits at $8,660.

BTC/USD. Source: TradingView

Total Market Capitalization: $240 billion | Bitcoin’s Market Capitalization: $160 billion | BTC Dominance: 66.7%

Major Crypto Headlines

China Is Here: Majority Of Binance Inflows In 2019 Came From Huobi. China’s interest in all things blockchain appears to have increased over the last several weeks. To further support this, a recent report shows that the major inflows in Binance are coming from the China-based cryptocurrency exchange, Huobi.

Tether Denies Recent Bitcoin Whale Manipulation Study. Two U.S. academics published a study recently, claiming that the 2017 parabolic price increase was manipulated by a single entity. They said that Tether was used to inflate Bitcoin’s price artificially. However, an official statement from the company refuted their thesis, outlining that the report “suffers from methodological defects.”

FBI Director: Cryptocurrency Is “Significant Issue” for Law Enforcement. Christopher Way, the director of the FBI, spoke in front of the U.S. Senate Homeland Security this week, and he answered questions regarding cryptocurrencies as well. According to him, crypto is a “significant issue” now and might become even a bigger problem in the future. Reportedly, the agency is looking for tools to help them when investigating encryption issues as a whole.

Significant Daily Gainers and Losers

DxChain Token (23.26%)

DX has seen the most notable increase in the top 100 cryptocurrencies by market capitalization in the past 24 hours. The price of DxChain token has surged with over 23% against the US dollar to $0.0012. The increase comes against BTC as well, with close to 30% and a current price of 0.00000014 BTC. In terms of what caused the surge, it might be associated with the fact that their mainnet is soon to be launched.

Swipe (7.41%)

SXP is in the green as well, with 7.41% against the USD, and it’s reaching $1.32. The gains against BTC are 12%. Swipe’s total market capitalization has increased as well to over $80 million. Most recently, Swipe announced several updates for its product, including receiving CertiK certifications and sponsoring Eurasia Blockchain Summit.

IOST (-9%)

IOST is the most significant daily loser at the time of this writing, as it’s down about 9%. The price has dropped to $0.0059, and the total market capitalization is at $71.6 million. Even with Bitcoin’s recent decrease, IOST has lost 5.11% of its value against BTC.

Click here to start trading on BitMEX exchange and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.