The market has now pushed Bitcoin (BTC) to almost $26,000 as world indices trade without large changes around the globe. This comes after a few days in which Bitcoin traded above $27,000 and brought hope to investors who were hoping for Bitcoin to start a new bull trend. Other virtual currencies have also registered losses in recent hours.
Bitcoin Falls to $26,000
Bitcoin has fallen to $26,000 a few hours ago. This is the lowest price registered by Bitcoin in close to two weeks. Let’s not forget that Bitcoin was traded close to $27,500 just a few days ago, showing that BTC lost close to 5% of its value.
Other cryptocurrencies have also experienced losses. For example, XRP lost 2% of its value in the last 24 hours while Bitcoin only lost 1.1%. Ethereum, the second-largest cryptocurrency in the market experienced no price change during the same period of time, but let’s not forget that it lost 4.2% of its value in 7 days.
One of the reasons behind Bitcoin’s recent behaviour could have been linked to traditional markets opening in red. However, now they have stabilized and Bitcoin recovered. Indeed, in just one hour, BTC grew by 0.3%.
In the future, there could be a new push for Bitcoin to move higher as the halving event is getting closer. Next year, Bitcoin will reduce its new issuance of coins by 50% from 6.25 BTC per block to 3.125 BTC per block.
At the time of writing this article, the price of the largest virtual currency in the market has risen to $26,280 per coin, according to CoinMarketCap.