Weekly Bitcoin Market Outlook; What To Expect After China Ban Crypto
Weekly bitcoin Market Outlook; What To Expect After China Ban Crypto
The general crypto market had a sharp uphill movement in price at the start of last week's trading period, and a quick downhill at the end of the week. And with all the alarming issues that surround the digital asset marketplace towards the start of the weekend. It's without a doubt that the general global financial market along with the crypto market cap has been hugely affected by the speculation around the $300 billion Evergrande debt saga.
Still, Before September 24th when the People's Bank of China (PBOC) announced crypto being described as an illegal currency. The overall digital currency total market cap was, however, experiencing a positive return of $1,971,544,991,943, and the Bitcoin price was trading at $44,895.10 a day before the (PBOC) statement. while on the 23rd of September 2021 the daily high seen in the price of Bitcoin was $44,942.17 with a daily low of $43,109.34. With this in mind, it should be noted that the positive outcome seen in the price of Bitcoin can be attributed to the relatively favourable announcement made by the Salvadoran government for accepting Bitcoin as the legal currency which had taken place in the earlier week.
What Happen To Bitcoin Last week
Bitcoin, the world's largest altcoin with the highest market dominance, had often been prone to encounter trials during September. While every other month of the year seems to be filled with less bearish or a neutral price action moment in the world of cryptos. It was reported that in the overall cryptocurrency trading history, the month of September has been discovered to hold the highest volatility moment in the price of Bitcoin, which took place almost every year. During September 2013 the volatile conditions of bitcoin were said to be at the highest peak with a negative return of 6%. Besides this claimed result, the year 2015 and 2016 does not attest to this fact. Because Bitcoin price went up to the hill with a positive return of 4% and 6% accordingly.
Following the People's Bank of China (PBOC) made the cryptocurrency ban announcements. It was recorded that the price of Bitcoin had a loss of almost $2000 in response to the circulated negative China financial news update. In addition, China is widely known for its longtime unsettled regulations for welcoming cryptocurrency trading in the country. The first move made by the China government towards terminating the presence of digital currency occurred in 2017. Although the presence of this action leads to a negative correction in the price of Bitcoin. But two months after the Bitcoin market price soared to a new all-time high up to the $20,000 price point.
What To Expect In The Bitcoin Market Next Week
The fear and greed index of Bitcoin would likely return to the greed zone as Twitter founder Jack Dorsey, made a declaration that it will enable users and creators to be rewarded on its social network with Bitcoin, alongside other formal fiat-based currencies. Even with the recent negative happenings in the crypto space, many Bitcoin enthusiasts still predicted the price of Bitcoin to reach $100,000. However, in such an incredible time as this, several investors still hold on to the belief that the best way to reap the rewards of Bitcoin is to buy it during the dip.
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