After a small recovery over the weekend, Bitcoin and the crypto ecosystem fall again.
After a weekend on the rise, the price of Bitcoin (BTC) once again crossed the floor of USD 17,000, which could mean the end of this brief positive cycle for the digital currency.
This seems to be replicated in Ethereum (ETH), the second most important coin in the ecosystem. Ethereum, created by Vitalik Buterin and Gavin Wood, remains at a price close to USD 1,250 and fails to turn the tide.
Latest Cryptocurrency Prices
Bitcoin (BTC): the most used cryptocurrency has presented a negative variation of 1.40% on December 10th, and is trading at USD 16,932.60.
Ethereum (ETH): its price is USD 1,246.82, with a negative variation of -2.13% compared to December 10th.
Tether (USDT): This stablecoin maintains its value of USD 1.0004, with the price remaining the same as in the last 24 hours.
Binance Coin (BNB): the cryptocurrency of the popular exchange is trading at USD 282.30, a negative variation of -2.79% compared to December 10th.
Cardano (ADA): its price had a decrease of 2.88% and is currently trading at USD 0.3039.
Ripple (XRP): the price of this cryptocurrency is USD 0.37758, which means a drop of 2.39% in the last 24 hours.
FTX Crisis Continues to Shake the Waters
Although the market continues to decline, digital currency specialists maintain that this decline is temporary. They also insist that the fall of FXT, one of the events that most affected the different prices, is due to a misinterpretation of the future market.
Cathie Wood, CEO of Ark Invest, spoke in April about the fate of Bitcoin in the coming years and predicted that the price of this cryptocurrency will rise to USD $1 million by the year 2030. Recently, and despite the 60% drop in the price in the last year, the executive reiterated her forecast.
Through her Twitter account, Wood spoke about FTX and the “crypto winter” effect that its bankruptcy generated. For the CEO, ” The Bitcoin Blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”
On Sunday, Cathie Wood shared a report from her firm, stating the following:
“Despite market volatility associated with FTX’s demise, the supply held by long-term holders—or the supply last moved 155 days ago or more—closed flat for the month of November. We believe this data point indicates investor long-term focus and conviction, beyond recent events. Today, long-term holder demand is 72% of the total Bitcoin circulation.”
In response to Cathie Wood’s tweets, user @halfnium pointed out that “Two problems still exist: 1. Cryptocurrencies & the Blockchain cannot operate in isolation & require an intermediary. It is those intermediaries that are opaque. Transacting on the Blockchain needs more efficiency. 2. Cryptocurrencies offer only speculative utility.”
By Audy Castaneda
