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Bitcoin Recovers Slightly From Friday’s Drop

Published 12/11/2018, 07:35 AM
Updated 07/09/2023, 06:32 AM

This past Friday, Bitcoin established a fresh leg down to $3,300, which sent the entire cryptocurrency markets tumbling. Over the weekend, Bitcoin was able to recover much of these losses, and is currently trading just a hair above its recently established 2018 low.

At the time of writing, Bitcoin (BTC) is trading down nearly 4% at its current price of $3,500. On Friday, Bitcoin set its latest 2018 low at just under $3,300, from which it has recovered slightly.

Despite there being increasing signs of institutional adoption occurring for Bitcoin and cryptocurrencies in general, one analyst expects the bear market to continue on for the foreseeable future.

While speaking to MarketWatch, Stephen Innes, the head of Asia Pacific trading at Oanda, claimed that the lack of upwards momentum is the result from the lack of Bitcoin use-cases.

“Bitcoins have gone well beyond the ridiculousness of tulip bulb mania. It has been a disastrous year for cryptos, and by all indication, the current bear market could go from bad to worse with no fundamental or underlying reasons...” Innes said.

Despite his pessimism, he is incorrect to assume that Bitcoin is lacking adoption, as multiple major financial institutions are currently in the process of launching platforms and/or products directly related to the cryptocurrency markets.

Bakkt, which is backed by NYSE parent company – ICE (NYSE:ICE), is currently in the process of releasing a Bitcoin product aimed at corporations and institutions, with a focus on being fully compliant with US regulators. Fidelity Investments is another example of a major traditional finance company that is entering the cryptocurrency markets and is currently developing an exchange platform that caters specifically to high-net-worth individuals and institutional investors.

These institutional-aimed products will be launching throughout 2019 and may help bolster the cryptocurrency markets by providing both an influx of funds and of overwhelmingly positive news from mainstream media outlets.

Altcoins Plunge Amidst Bitcoin Volatility
Bitcoin’s recent price action has led many altcoins to sink to fresh 2018 lows.
At the time of writing, XRP is trading down nearly 5% at its current price of just over $0.30. This price region appears to be a level of support for XRP, as it only briefly dipped below it during the time in which BTC fell to $3,300.


Ethereum (ETH) is currently trading down 6% at its current price of $91.4. This past Friday, ETH set a new 2018 low at $84, from which it is currently trading up nearly 9%.

Bitcoin Cash (BCH) is one of today’s better preforming altcoins and is currently trading down just over 3% at its current price of $107. BCH has solidified its lead by market cap over its hard-forked version – Bitcoin SV – which is currently trading down a mere 1% at its current price of $96.


Although the markets are currently in turmoil, investors should consider the positive events occurring throughout 2019 that could lead to a surge of funding into the markets.

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