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Bitcoin price fell below 3,800 USD

Bitcoin price fell below 3,800 USD, losing the key support levels around 4,000 USD.

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Bitcoin price fell below 3,800 USD, losing the key support levels of 4,000 USD. The world’s largest cryptocurrency is losing ground against the outflow of capital from the market, due to its volatility around holidays. The trading volume is decreasing significantly during Christmas holidays, mainly consisted of small traders, but there is a lack of big deals.

Bitcoin price

The Bitcoin price is losing ground in recent months, as most of the investors who are buying Bitcoin and Ethereum for the sole purpose of exchanging it for specific ICO tokens they wanted to invest in. The buyers do not want to own Bitcoin or Ethereum, as the volatility in the crypto assets is big and still are considered as risky investments.

The other cryptocurrencies are also trading mostly in red with Ripple being at a level of 0.366 USD and Ethereum at 127.04 USD.

Revival of the ICO market will push Ethereum back to 200 USD

Initial Coin Offerings (ICO) will return within 18 months, and Ethereum will “just strongly”, according to the CEO of BitMEX, Arthur Hayes. BitMEX is a Hong Kong-based crypto-platform trading platform that has become one of the largest commercial crypto platforms in the world.

Arthur Hayes predicts the return of ICO markets during the next 12-18 months.

“The case of using Ethereum is mostly in ICO’s. This market is now dead”, said Arthur Hayes. “As soon as new issuers emerge, then the Ethereum will recover aggressively. When the ICO market returns, Ethereum will quickly test 200 USD. The ICO rebirth time is 12 to 18 months”, added he.

“Secured tokens and stable coins will prove to be attractive to investors in 2019. While their main meaning is inadequate, investors in this time of pain will cling to anything they think will be a ticket to easy wealth”, said Arthur Hayes.

Wall Street is quietly withdrawing from the crypto market

Wall Street is quietly withdrawing from the crypto market. Last year, when the crypto industry enjoyed the bullish market, it seemed that many of the major financial companies were also ready to enter the industry.
Names such as Goldman Sachs, Fidelity Investments and Barclays Bank Plc were all mentioned to open cryptocurrency subdivisions.

Goldman Sachs was one of the first Wall Street companies to be interested in Bitcoin’s futures, and rumours claimed the company was developing a separate encryption bureau. The investment bank teamed with Galaxy Digital and raised 57 million USD in funding. Goldman Sachs does not yet offer crypto-trading. The bank’s Bitcoin derivative product has not made significant progress since its release.

Citigroup also developed a crypto product that can help asset management companies and hedge funds reduce the risk they face when investing in cryptocurrency. The product was expected to provide investors with an innovative tool for tracking their investments and offering an additional layer of legitimacy and trust to the newly created asset class.

Barclays showed tremendous interest in cryptocurrency market during the boom a year ago, hiring Chris Tyler and Matthew Duval to help manage digital assets. Both were hired to look for ways in which the bank could enter the crypto world and make recommendations.

According to the report, there are two reasons for the quiet withdrawal of Wall Street from the market – the decline and lack of a regulatory framework for cryptocurrencies.