By far the biggest news in September was that China would no longer allow initial coin offerings (ICOs) within its borders. On top of that, the country has alienated several key coin trading platforms that have said they will be leaving the country in the near future. With a huge swath of consumers now effectively being closed off to BTC, the Bitcoin price forecast has been relatively muted lately. Or at least, it has not been experiencing the massive booms and falls that we're used to in the cryptocurrency market.
Bitcoin is trading at a hair below $3,800 as of the writing of this article, and has been fluctuating between $3,700 and $4,000 since the news dropped early- and.
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Bitcoin Price Forecast – Lingering Effects of China
Low trading volumes continue to crimp Ripple’s progress, driving the Ripple to USD exchange rate up 1.81% to near $0.182620. At the same time, XRP fell 0.75% against Bitcoin.
Thank the Lord, Litecoin prices are in green font once more! It’s only one day of gains, but investors are desperate for Litecoin news after the Chinese ban on cryptocurrency exchanges.
Despite a mix of bullish and bearish Ethereum news, investors recanted some of their earlier pessimism on ETH, driving prices up 2.57% against the U.S. dollar.
Bitcoin Prices Will Recover
That quote is the single biggest piece of Litecoin news this morning. It was written by Charlie Lee, who's famously connected within the crypto community and is also the creator of Litecoin.
The crypto market cap fell by 7.32% on Thursday, dragging down ETH prices in the process.
Bitcoin prices have a hit a bit of snag lately. After the China ICO fiasco, where the country announced that it will no longer allow new initial coin offerings (ICOs), BTC prices plummeted from near $5,000 to $3,200. The coin has made a recovery, however, bouncing back to just over $4,000 at one point, before coming back down to its current price of around $3,680, as of the writing of this article.
On Wednesday, there was a broad-but-shallow dip in the overall cryptocurrency market. XRP prices were caught in the downdraft, but it is unlikely to affect our $2.00 Ripple price prediction.
Will Litecoin prices fall below $50.00?
Narrow spreads, low volatility, and relative calm. If someone asked you to name an asset class with those qualities, would your answer be cryptocurrencies? Absolutely not!
There's good news and bad news for Bitcoin (BTC) bulls today. The bad news is that BTC hasn't shown much in the way of gains over the past week. The good news is that it also hasn't shown much in the way of losses, either. And considering the wild swings that took place earlier in September, a little bit of stability isn't the end of the world.
As investors move beyond the dismal Litecoin news from last week, it’s becoming clear that a recovery won’t happen overnight.
Bitcoin appears to have levelled off, showing gains of about $200.00 so far this week, but showing no signs of a massive swing one way or the other. The stability is a welcome respite from the movement the market witnessed over September, where the China ICO block caused Bitcoin prices to plummet, only for the currency to rally the following week.
After a tumultuous week, investors are largely sitting on the sidelines, waiting for something to happen with Ripple prices. One juicy bit of Ripple news would likely spark a massive rally.
On Tuesday, investors ignored bullish Ethereum news once again. Why? Because, like an angsty teenager, they are angry with the world. “How could China ban cryptocurrency exchanges? It’s not fair!”
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