Bitcoin has lost momentum through the last 24hrs till present. Not only does this reflect that the bears have an upper hand, the decline stretches all the way through to altcoins which are at this time recording more than just a few losses.
Bitcoin has significantly dropped in the last 24hrs, leaving analysts to conclude that the prevailing movement of the market is currently one that cannot be prognosticated, as such Bitcoin might make a positive price correction in a matter of hours.
What to Expect
At present, Bitcoin is trading at a price of $9863 with a significant decline of 10% against the USD. Between now and the past 24hrs, Bitcoin has lost over $1 billion in trading volume and simultaneously lost a whopping $13 billion in market cap.
Similar to yesterday’s market, traders from Binance with pairs of BNB against USDT are struggling to move trading volume which is currently at $983 million back to $1 billion. Although Bitcoin made a slight correction back to the $11,000 mark before it fell back to $10,000, it is not certain that the market will take a similar path today.
In fact, in line with Bitcoin’s decline, renowned Economist and firm Bitcoin opposed Nouriel Roubini reinforced his belief that Bitcoin will eventually dwindle to zero.
Indeed Bitcoin is now down below 10k. Has lost a third of its value in less than a week. Still a long way to less than zero as its true value is negative not zero given its toxic externalities! It will get to zero in due time. https://t.co/Ek87DvRq6t
— Nouriel Roubini (@Nouriel) July 2, 2019
In a recent tweet, Nouriel highlighted the fact that Bitcoin has lost a third of its value in less than a week. While he acknowledged that Bitcoin has a long way before hitting zero, he concluded that it will happen eventually.
What is Behind Bitcoin’s Decline
After Facebook’s launch of its stablecoin Libra, the cryptocurrency market largely benefited from the increased trading interest which was birthed from its proposed intrinsic value and a few other significant factors.
In the same time space, an investor reportedly placed a bet on Bitcoin, predicting a possible price fall which has not only taken place but also led to FUD amongst traders. However, as Libra continues to build credibility, Bitcoin and other altcoins are certain to benefit largely from its growth.