Bitcoin less than $7,000 due to EU regulations

in #bitcoin6 years ago

The rise in Bitcoin prices, which lasted several days, faced a temporary problem on Thursday. With the price of many cryptocurrency notes dropping somewhat, the market cap fell by nearly $3 billion.

Bitcoin Below $7,000

When Bitcoin broke the $7,000 mark, many experts analyzed that $7,100 would be a psychological barrier to Bitcoin. A significant increase means that the BTC maintains a higher price level than that of daily and hourly RSI weakness.

There is a new opinion that Bitcoin will fall between $6,500 and $6,700. Because mining is currently estimated at $6000, there is a slim chance that bitcoin will fall to that level. Many analysts say that a lower bitcoin price than mining costs can only be driven by extreme price manipulation.

Bitcoin is trying to stay within $6,900, down 2.5 percent. If the price range is not supported, Bitcoin will test the price range in the middle of $6,000.

Short-term Decrease in Cryptocurrency market

Not only did Bitcoin fall in the market, but most of the coin showed a fall during the day. The second-largest crypto currency Ethereum fell more than 5 percent, below the $280 mark. Iota fell 14 percent over the past day, the biggest drop among the top 10 cryptocurrency.

Coin Tron, outside the top ten, has not been able to maintain a positive price increase since CEO Justin Sun's recent announcement. Of the top 100 cores, the most positive price fluctuations are Dodge Coins, up 21 percent.

Strengthen EU regulations and end of Bitcoin futures contract

Thursday's drop came after the European Union announced it would consider issuing stricter cryptocurrency restrictions. Bloomberg says EU finance ministers will meet in the first week of September to discuss European regulations on virtual currencies.

CME's Bitcoin Futures Agreement will also expire on Friday. In the past, when futures contracts expired, Bitcoin prices rose. However, because the futures transaction itself is cash-settled, it does not directly affect the price of the asset.

Coin Marketplace

STEEM 0.37
TRX 0.12
JST 0.040
BTC 70162.45
ETH 3540.43
USDT 1.00
SBD 4.79