As we hang out with family and friends this holiday season, it's interesting to look back on the Bitcoin mania that we endured one Thanksgiving ago.
Today, we saw another hit to the market.
After the disastrous week that the crypto market experienced, the morning of November 26 revealed a positive sign for the cryptocurrencies, with a sudden surge in their price. Bitcoin Cash SV [IOU] has a total market cap of $0.00 and approximately $171.73 million worth of Bitcoin Cash SV [IOU] was traded on exchanges in the last day. It recouped most of the losses by 07:50 but remains in the red.
Amid bitcoin's crash, some in the cryptocurrency market have fled to the perceived safety of stable coins, which are cryptocurrencies pegged to a comparatively stable asset, like the USA dollar. The current bear market, if it follows the historical trend, is likely to continue for 650 days.
Sonny Singh, Chief Commercial Officer of Bitpay, a Bitcoin payment processing company, agrees with Novogratz that $20,000 is a reasonable price target for Bitcoin by the end of 2019.
Will the cryptocurrency market rebound or continue to slide as Oanda believes?
Questions around Bitcoin's vulnerability have arisen following increased global pressures to regulate the cryptocurrency, with Financial Conduct Authority (FCA) executive director Christopher Woolard saying recently that the Treasury "will undertake one of the most comprehensive responses globally to the use of cryptoassets for illicit activities".
Interestingly, Innes' call for a short-term bottom at $2,500 is below and beyond what other analysts have speculated.
Adding to the downward push was the news November 20 that the U.S. Justice Department had launched a criminal investigation into Tether, the stablecoin from cryptocurrency exchange Bitfinex. Investors seeking to acquire Bitcoin Cash ABC [IOU] should first buy Ethereum or Bitcoin using an exchange that deals in USA dollars such as Gemini, Coinbase or Changelly.
Bitcoin just had the week from hell. According to Moas, "institutions & the top 1% are buying as they did in the 2008 stock market crash".
Currently, the BTC price is resting at a fourteen-month low which is not seen since September previous year and it is down by a massive thirty percent in just the last couple of days.
Maurizio Sarri reveals what he told players before Spurs defeat
We have to approach the match in a different way, for application and determination. "We don't care about other teams". After this game , follows a Europa League game against PAOK where Chelsea have the luxury of resting the bigger names.