Bitcoin price

Bitcoin is considered to be in a “purgatory” period, as research conducted by cryptocurrency advisor Fundstrat shows. It also maintains a year-end target of $20,000 for Bitcoin. The best option we have in the wake of this 40 percent recession is to patiently wait, Tomas Lee reports.

Bitcoin is hovering up and down around the $8,000 mark, as traders have recently faced the a social media crackdown on digital currency. On Monday, March 27, the price of bitcoin has dropped to $7,716, the lowest point since March 18.

Google shocked the cryptocurrency market with its updated financial products policy. According to the announcement, the largest international corporation made up its mind to disable digital currency advertising. At the same time, the Bitcoin value keeps its previous tactics – a gradual markdown.

The Bitcoin price has experienced an overnight decrease, losing more than $1000 on Wednesday. The current Bitcoin value dropped below the $10,000 mark after the US Securities and Exchange Commission (SEC) announced it will require cryptocurrency exchanges to register with the federal agency.

At the beginning of the year, when the Bitcoin price fell by more than 60% compared to the record mark, another important index went down together with it: the number of daily transactions. It has decreased almost twice since December and last month reached its lowest point for two-years.

On February 26, the Bitcoin exchange rate climbed up to the approximately $10,300 mark, meaning an increase of near $900, or about 10% over 24 hours on one of the largest cryptocurrency exchanges, Coinbase.

Despite all the bad news around cryptocurrencies that raised a bearish trend on the market recently, experts believe that new sky highs are on the way. The Bitcoin price could increase to $50,000, with the cryptocurrency market reaching $1 trillion this year.

The U.S. Commodity Futures Trading Commission has sent subpoenas to the world’s largest cryptocurrency exchanges Bitfinex and Tether as there are significant questions surrounding the value of their tokens.

Bitcoin exchanges in India suffer bad times as the biggest national Banks of the country have frozen their accounts. The news led to turmoil in the domestic market as well as bringing the price of bitcoin down.