He also believes that the market hit an all time high in December past year, and it is going to take a bit of time for people to become accustom to the reality that it might not reach that point again. This is mostly because of the murky regulatory future that Bitcoin is facing.
The assets which is surely supported by the desk were unclear, but it was presumed that it would offer some of the more institutional support for hedge funds that deal in the field of blockchain and cryptocurrencies as well as bitcoin futures contracts such as those which is launched by CME Group Inc. and Cboe Global Markets Inc. It seems like more lows are coming in its way as it sets the price of $222 billion which is lower than yesterday's $240 billion high. Bitcoin core is the top cryptocurrency by volume over the last day, and BTC is down 7.4 percent over the last 24 hours. The price of the "people's currency" is going down and has reached a price level of $6,900 according to CoinDesk. Woo revealed Bitcoin will see $6,000 in the short term, irrespective of the market recovery in the interim.
Also, last week, there were nine Bitcoin ETF applications that were rejected by the agency.
However, the total market hustles, as Bitcoin faced one of its illest days since February 2018, losing more than $38 billion in market capitalisation.
Unfortunately, investors long on Bitcoin were, on Wednesday, shocked when Bitcoin prices sharply dropped by over United States dollars 300 in a matter of minutes. This decline has pushed the price of ETH down 20 percent as it now hovers at around $225 per coin. The currency started off with a price of $289 but fell to $256 at its lowest.
BTC/USD is now ranging after the heavy selling pressure, nothing out of the normal with this current price behaviour. Cryptocurrencies are going through a tough time - but market optimists continue to believe that a recovery is in sight.
"The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the past year, so any kind of updates on that can certainly move the prices", said Mati Greenspan, senior market analyst at currency trader eToro, by phone from Russian Federation.
Notably, Litecoin will also be offering more expansive advertising options and even plans to build out a news section that will cover Litecoin developments and the broader cryptocurrency industry. BTC now makes up 55 percent of the entire cryptocurrency market capitalization, making observers to say the bullish trend that occurred towards the end of the 2017 is about to be witnessed again.