After Bitcoin tried to break above $35,000, the coin changed direction again, losing more than $2,000 in a matter of hours.
After Bitcoin tried to cross the $35,000 level, the currency changed direction again to lose more than $2,000 within hours, and most other digital currencies were colored red, leaving the crypto market losing about $77 billion in total market capitalization.
Just a few days ago, over the weekend the base cryptocurrency swung at $36,000, but failed and recovered to around $33,000, then rebounded again in the following days to nearly $35,000, but due to more negative information coming from China led down by a few thousand dollars again.
However, Chinese influences appear to have weakened recently, and Bitcoin recovered all losses relatively quickly yesterday, coming close and briefly jumping above $35,000.
But it failed to decisively beat this particular level, within hours the selling intensified, and the coin lost more than $2000, as a result, the asset dropped to a daily low of $32,800 which became the lowest price since the 2nd of July.
Despite bouncing back and recovering $33,000 since then, it's still Bitcoin As low as 4% over 24 hours, its market capitalization is well below $650 billion.
Bitcoin drops below the $33000 level
The bitcoin currency and most of the major digital currencies fell during yesterday’s trading, the price of the digital currency fell to less than $33,000, the entire market value of all digital assets lost about $71 billion, and the digital currency economy is currently stable at $ 1.38 trillion, down by more than 6 % since yesterday .
Traders focus on what happens next in the cryptocurrency markets, where prices have started to fall after a long period of stability and consolidation, the initial cryptocurrency price dropped to $32,100 but regained some losses, statistics show that over the course of 24 hours the coin lost 6.4% and about 2.87% Over the past seven days, Ethereum lost 10.5% yesterday and Dogecoin lost 9.9%.
Bitcoin price lost around 49.64% from its high of three months ago, meanwhile, its dominance fell to 44.3% and Ethereum’s dominance rose to a recent high at 18.3%.
Pay for new regulations
Talk about embracing bitcoin and cryptocurrency in general remains a divisive topic among regulators around the world, while China has maintained its stance thus far by banning all crypto-related activities, countries like Iran are now exploring ways to regulate the crypto space after much Trouble to track China ban.
The stalemate in deciding the importance of Bitcoin among US regulators is beginning to fade as stakeholders from key US states including Wyoming, Texas and Miami attract the leading digital currency into their own territories.
These fundamentals affect the long-term cryptocurrency, however, they are not yet determined according to the current price performance.
Professional technical and economic analyst in global financial markets since 2004, holder of an MBA from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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