Bitcoin’s Struggles and Platform Challenges Define Late 2019 Crypto Landscape
As 2019 comes to an end, the cryptocurrency market faces significant volatility. Bitcoin struggles to stay above $7,500, with potential to drop below $7,000, signalling a bearish trend. Ethereum and Ripple also face declines, with Ethereum falling below $140 and Ripple unable to surpass $0.20. Adding to this uncertainty, YouTube mistakenly flags and removes cryptocurrency-related videos, similar to previous temporary bans by Google and Facebook. In other developments, the Bank of Russia is testing a new stablecoin, the NULS blockchain experienced a hack resulting in $480,000 in losses, and Ripple has successfully raised $200 million in Series C funding. The mixed market signals and external challenges emphasize uncertainty in crypto trading, impacting trader strategies as the year concludes.
Bearish
The conclusion of 2019 shows a cryptocurrency market under pressure. With Bitcoin failing to surpass $7,500 and possibly falling below $7,000, coupled with Ethereum and Ripple also on a downtrend, the market sentiment is predominantly bearish. Additional elements like YouTube’s video removals and NULS blockchain’s hacking incident contribute to negative market sentiments. Ripple’s fundraising is a positive note; however, it is not enough to counterbalance the broader market’s negative pressures. As such, traders might adopt a cautious approach, anticipating further declines rather than immediate recovery in the short term.