Bitcoin Falls below $8000 Again, ETH & XRP fall too - a Simple Analysis

Bitcoin (BTC) has fallen below $8000 Valuation fast approaching $7000, other crypto decrease in valuation too

Ramy Caspi
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Bitcoin (BTC) cryptocurrency has been fluctuating between the range of $7808 (as of March 28th) and $7,562 (as of March 29 @ 10:00 GMT), according to data.

CoinDesk's Bitcoin Price Index has reported that the value of Bitcoin $7,528 - down 5.14% compared to the previous day's close of $7,958.05.

The decrease in valuation, has partly been attributed to this weeks Twitter ban, which followed previous tech giants, Facebook and Google banning adverts for cryptocurrencies and ICOs on the respective platforms.

Would this effect the cryptocurrency overall popularity. No, but the actions of the tech giants would most certainly have a short term effect, as the market adjusts accordingly. In the long term, we expect another bear run.

However, in an interview with CNBC, Thomas Lee, head of research at Fundstrat Global Advisor said that, "The mood in crypto is terrible right now. Long-time holders are worried because they have big gains and they're worried about falling prices. But bitcoin is a great store value. It works really well. It's kind of boring, because it's not the latest and most exciting project. But it also is one of the most liquid ways to get exposure to crypto," he said on "Fast Money" Wednesday.     

Fundstrat's Tom Lee makes his case for HODL-ing on to bitcoin from CNBC.

In Japan, the Nikkei has reported that two Japanese crypto exchanges; Tokyo Gateway and Mr. Exchange have withdrawn their applications with Japans Financial Service Agency (FSA) which was needed in order to operate domestically. No official statement has been released by the two exchanges.

Ethereum (ETH) has been following similar trends to bitcoin, and has been fluctuating between the range of $448.78 (as of March 28th) and $409.82 (as of March 29 @ 11:00 GMT), according to data. This is the lowest the currency has been since August 2017. This represents a decrease of -9.9% and has been attributed to current overall market conditions created by advertising bans, and potential regulations in various markets.

It has been reported that ETH mining is not as profitable to mine with costs of $0.0307 per 1 Mhas/sec/day compared to January’s $0.233. This can be problematic as new ASIC mining rigs would be released centralising the process and effectively forcing small mining operators out of the market.

In an article posted by Express, Ed Cooper, from the Revolut exchange, has stated “The swings are fuelled by speculation rather than technological advances and so many people entered the space drawn by the price headlines only.

Ripple XRP has been fluctuating between the range of $0.57 (as of March 28th) and $0.536 (as of March 29 @ 11:00 GMT), according to data. This represents a decrease of -6.4%, and up-to 80% less than its all time high in January 2018.

In an analysis by AMBCrypto, Damla Rudel, Communication Manager from Wolfsberg says: “Ripple is currently showing very long-term profitability. This is not the place for people who are looking for a short-term burst in the price.”