Below $19,000, Bitcoin Price Its Lowest Since June

Below ,000, Bitcoin Price Its Lowest Since June

Between June and August, Bitcoin’s price rose 43%, showing signs of recovery. However, the asset fell sharply after the second half of August and the arrival of “red September”, further deteriorating the situation.

This Tuesday (6), Bitcoin returned to trading below $19,000 dollars after dropping ~7.5%, hitting its lowest level in recent months.

With that, Bitcoin critics took to social media to declare that Bitcoin is dead, just like it was in 2018 when the asset fell to $3,100 and in 2015, when it hit the price of $152.

Ethereum May Have Affected Bitcoin, But Fed Still Gets Blamed

Excited by the arrival of the biggest update in Ethereum history, investors have pushed the price from $900 to $2,000, even pushing Bitcoin up. However, the failure to break the $2,000 resistance was followed by a 30% drop, causing the market to cool again.

Despite Ethereum surpassing Bitcoin in volume for the first time and showing its power of influence, the US Central Bank is still largely blamed for the cryptocurrency’s recent declines.

After all, the Fed is still concerned about the high inflation of the dollar, which caused the price of Bitcoin to fall over the last weekend of August. Still pessimistic, traders dropped the asset again this Tuesday (6), a day before El Salvador’s acceptance of Bitcoin turns a year old.

Bitcoin is currently trading at $18,873 USD. Although it has already reached these levels in recent months, the bulls have always managed to push it back up. So it’s up to you to see what’s going to happen in the coming days.

Cryptocurrency Market Below $1 Trillion

As Bitcoin fell, other cryptocurrencies followed the decline, including Ethereum, which traded at $1,540. As a result, the total market value of cryptocurrencies has again fallen below $1 trillion (R$5.24 trillion), troubling experts.

Moreover, Bitcoin’s dominance has also declined sharply in recent months. After crossing 47% in June, this domain is now at just 36%, the lowest value since May 2018.

Bitcoin dominance hits lowest level since 2018. Source: CoinGecko.

Despite the string of bad news for Bitcoin, older investors remain confident in the cryptocurrency’s future. After all, BTC has gone through two similar bearish cycles in the past and these were the best moments of accumulation.

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Source: Live Coins