Bitcoin Drops Below 9300 USD
The price of Bitcoin has dropped below 9,300 USD demonstrating more than 3 percent value decline in a mere 24 hours. Bitcoin failed to secure the 10,000 USD support level disappointing many enthusiasts. The cryptocurrency market dropped more than 20 billion USD following Bitcoin’s short-term price trend.
Two days ago, the average price of the cryptocurrency globally was about a 100 USD short of achieving its 10,000 USD mark. The regions with premium rates, such as Japan, South Korea, and Hong Kong, had already surpassed 10,000 USD.
Going by the technical indicators, we can conclude that the cryptocurrency has not been overbought and oversold in last 48 hours. However, the charts show a short-term negative trend for the cryptocurrency, so enthusiasts can expect a 2 to 4 percent decline in the upcoming days.
At the time of writing this article, the cryptocurrency is being traded at 9,296 USD which is 704 USD short of the 10,000 USD mark it was expected to secure.
There was quite a hype surrounding Bitcoin back when Intel announced its Bitcoin mining chip accelerator. One can expect the hype to be back again when the Intel releases the mining chip accelerator.