BREAKING NEWS: Bitcoin price down to $7800
Indeed very disturbing times for the crypto market. Bitcoin tumbled 28 percent in January amid a widespread sell-off that saw just a third of the 15 largest cryptocurrencies by market capitalization rise for the month, according to CoinMarketCap data.
“Altcoins are going to become more dominant,” says CNBC’s Jon Najarian, co-founder Investitute.com. He expects many more cryptofunds will launch and the total market capitalization of cryptocurrencies will quadruple to $2 trillion this year.
Why is Bitcoin’s price down to two-month lows?
It’ll be interesting to see what happens as we move into next week’s Senate Banking Committee hearings on cryptocurrency. Titled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission,” the open hearings will air on February 6 at 10:00 Eastern time. It’s possible that the upcoming discussion in Congress has traders nervous, but ultimately variables from all over the globe combine to affect the market every day.
For anyone considering riding out the current correction, a little historical perspective — in this case, even a few months’ worth — could go a long way.
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