Cryptocurrency price volatility is not a new thing. The market had a dramatic week last week. Bitcoin price (BTC) gained only 1% albeit massive sideways movements throughout the week; BTC price has hit almost $7000 at the beginning of the week before swinging above $9000 in the next two days. The positive response from G20 economic experts helped bulls in generating substantial gains, who ruled out the possibility of the complete ban on cryptocurrencies.
Bitcoin price rally ended last Thursday, and the price started declining after global regulators enhanced their clampdown. The U.K. has formed a task force to look at the pros and cons of crypto markets, while European and U.S. regulators were also increasing their framework for the potential regulations.
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Though Ripple (XRP)and Ethereum (ETH) ended the last week with slight losses, the rest of the top ten altcoins were in the green. EOS (EOS), Stellar (XLM), Cardano (ADA) and IOTA (MIOTA) were among the most prominent gainers.
Where Will Crypto Prices Move This Week?
Cryptocurrency markets are in doldrums amid their unregulated nature. The global regulators aren’t yet sure on how to control the irregularities in crypto markets; a few countries have banned digital currencies while others are creating new laws to keep an eye crypto transactions. The threat of fraud, price manipulation, and money laundering are amongst the most significant concerns for regulators.
Some market participants are significantly bullish on bitcoin and its future fundamentals – they believe the price could increase more than 200 percent from the current level and they have several reasons to support their bullish bets.
LDJ Capital, David Drake is among the analysts who predict substantial upside in prices. He expects BTC price to hit $30000.
Bears have also been betting for the significant crash in crypto markets; they believe regulators actions will take off the illegal trading volume and this would allow the market to find the fair value of bitcoin and other digital currencies, which is substantially lower from its current level.
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