Technically Bitcoin Could Test to Recent Lows
Bitcoin faded from highs, but is still supported, as total cryptocurrency market remained steady.
The total cryptocurrency market cap rose to $391-B, up a bit from Wednesday’s close, after snapping 3 straight days of decliners Tuesday. The total cryptomarket market cap is still well below its early January 2018 highs of about $830-B.
The bounce in Bitcoin comes as investors continued to consider reassuring comments on the value of Bitcoin and blockchain technology from Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo.
“It’s important to remember that if there were no bitcoin, there would be no distributed ledger technology,” Mr. Giancarlo said Tuesday, when asked by Arkansas Senator Tom Cotton about the value of the technology underlying cryptocurrencies like bitcoin.
Yet regulatory concerns continue to weigh on sentiment as US regulators step up efforts to increase oversight of virtual currency like Bitcoin.
“We may be back with our friends from Treasury and the Fed to ask for additional legislation,” SEC Chairman Jay Clayton said when asked whether Congress needed to act on virtual currencies.
Currently, Bitcoin is trading at: 7,911.2651, -262.50, or -3.21% as of 5:59a GMT, the market is open.
Ethereum, the 2nd largest cryptocurrency by market cap, fell 1.34% to 802.78
Ripple XRP rose 2.02% to 0.74224.
“Taking bitcoin in isolation… we believe bitcoin disrupts gold. We think it’s a better gold, if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce… it’s more portable, its fungible, it’s more durable. It sort of equals a better gold across the board,” Winklevoss told CNBC.
“So, if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times, because you look at the gold market today, it’s a $7-trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So, we think regardless of the price moves in the last few weeks, it’s still a very under-appreciated asset,” he said.
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