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Bitcoin Price Tumbles as Majority of Market Goes Red

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August 14, 2019 | 

Darryn Pollock |  0 Comments| 

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The price of Bitcoin is once again tumbling after a period of parallel trading. The major cryptocurrency is down over six percent on the day seeing its price fall to $10,500. This leaves the $10,000 floor in play with the hope being that there is a strong enough resistance to keep the coin above this mark.

Many feel that, having spiked off the news of global tension and financial uncertainty from occurrences like the burgeoning trade war between the US and China, that Bitcoin is now flopping as those tensions cool.

It was predicted that the reason Bitcoin's price jumped in a time where global uncertainty was hitting the headlines was because many felt that the cryptocurrency could be used as a hedge against failing monetary systems. However, that may not have been the case, rather that speculators were guessing it to be the case rather than it being true. 

Still, as tensions do cool across the globe, Bitcoin has failed to take off properly and could be deflating on that failed attempt to capitalize. It has also seen the majority of the rest of the market turn red, but there are a few coins showing small gains despite this. 

No more political pressure

One of the first people to discredit the idea of people buying Bitcoin to hedge against the falling Yuen and federal interest rate cuts was fammed Gold Bug Peter Schiff who called out speculative buyers a few weeks back.

"CNBC is trying its best to dupe its audience into buying Bitcoin.  Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin.  The Chinese aren't buying Bitcoin as a safe haven.  Speculators are buying, betting that the Chinese will buy it as a safe haven!” he Tweeted.

The gold investor feels that he has been vindicated in that prediction as he stated in a more recent Tweet: 

“Now that trade tension with China has eased, the pressure on the yuan is off.  Those who bought Bitcoin to speculate on Chinese safe haven buying, which never happened, are taking their chips off the table.  But with Bitcoin, it's much easier to put your money in than to cash out!” he Tweeted.

Not sure where to next

Despite the reason for this sudden drop in value, what this fall has done is divide opinions as to where Bitcoin will go next in terms of its value. 

A survey conducted by regular trader and analyst Josh Rager shows the level of indecision among general crypto investors

Asked whether BTC/USD would drop below $10,000 in the short term, exactly 50% of the more than 3,500 respondents voted for and against. 

Altcoins fair better

While it is still often the case that altcoins follow the movement of Bitcoin in general market moves, it is the major cryptocurrency that has been hit the hardest. Among the top 10 coins, Bitcoin is down the most with the next worst hit being Binance Coin which is only down 3 percent. 

In fact, the likes of Bitcoin Cash, Bitcoin SV and Cardano are actually showing growth over the same period.

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TAGS: BITCOIN

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