Amidst Plenty of Positive News Bitcoin Continues Dropping
Crypto-markets have been under a significant bearish downslide for quite some time now extending over a few months with no evident sign of a reversal anytime soon even with the current series of positive news over the last week. As of now, many of the major cryptocurrencies have experienced drops between two and five percent in price.
The Leading Coin
Bitcoin, the world’s first and strongest cryptocurrency, has seen yet another drop in price exceeding the $7K mark and plummeting down to around $6K again, followed by another climb just over $7K as of now. Over the last day, Bitcoin has lost around five percent in value.
More importantly, the top cryptocurrency crashed back under the $7K line for the first time in the last few weeks and saw a $300 dip within just a few hours. No specific reason for the drop in prices has been made official and the coin continues struggling among plenty of positive news this week. NY stock exchange owner, ICE, has stated that development of a new cryptocurrency project that will overlook the initiation of Bakkt, a firm that will support cloud services from Microsoft as a means of achieving an open environment for cryptocurrencies and enable companies and businesses to begin adopting digital coins as payment.
Maria Smith, VP at Starbucks stated that the company will be a vital member in advancing several dignified, regulated and conventional uses for apps designed for any consumer to use cryptocurrencies as USD in any Starbucks outlet. Bakkt will also utilize the ICE futures market to post a physical single day BTC futures product awaiting permission by governmental regulators. Brian Kelly stated that this news was the most important so far in 2018 and that it will eventually aid in the current craze for BTC exchange-traded funds.
So far, no reason behind Bitcoin’s recent drop in price has been revealed or uncovered, however, a new report from Goldman Sachs may have played a role in it. According to the report, it states that digital currencies will be unable to maintain their price and are drawing in more attention from the media and the public for no reason whatsoever.
Additionally, a trader on the New York Stock Exchange has stated that the coin is currently underperforming and viewed as average right now by many exchange traders and may display an unaltered emotion towards it. Despite all this, the mining rates of BTC have been maintaining themselves and rising and has achieved a 52 HPS recently.