Bitcoin on Pace to End the Week Lower, Hovers Near $46,300

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Created by TradeOr

3rd Party Analysis 10 Sep 2021

Key Takeaways

  • Bitcoin on track to snap a seven-week winning stretch if it closes below $51,600 per coin
  • Cryptocurrencies have stabilized from the market meltdown on Tuesday

Bitcoin on Track to Close the Week at $46,300

The price of bitcoin is on track to finish the trading week lower by about 10%. On Monday, the digital currency was changing hands at a four-month high near levels of $52,000 per coin. After the steep selloff on Tuesday, bitcoin still has not been able to recoup the losses.

The original coin spent the previous two days in search for direction as crypto market enthusiasts were cautiously optimistic and unwilling to place large bets on the token, even on discount.

Early on Friday, bitcoin is trading at levels around $46,300 per coin, relatively flat on the day. Should bitcoin close the day at current price levels, it would log a weekly loss of about 10% from the opening price on Monday, $51,600 per coin. The digital currency would also snap a winning streak of seven consecutive weeks of gains.

The token now commands a market valuation of roughly $870bn, or a market share of less than 42%.

Solana Back in the Green

Other major cryptocurrencies have stabilized after the significant drop on Tuesday when the entire market lost around $400bn in a few hours. The crypto crash, which happened on the first day of El Salvador’s bitcoin adoption, saw the valuations of several large-cap crypto tokens fall by 30% of more.

Despite the sharp and swift market meltdown, Solana’s SOL is already out of the woods and into a new all-time high. Following a 25% decline on Tuesday, SOL recovered and even spiked to a fresh record at $215 on Thursday.

In other news, after El Salvador embraced bitcoin, Ukraine appeared rather surprisingly as the latest country to officially acknowledge the leading cryptocurrency.

In a nearly unanimous vote in the Ukrainian Parliament, lawmakers passed a law that legalizes and regulates bitcoin and cryptocurrencies. Prior to the vote, trading and investing in cryptos in Ukraine existed largely in a legal gray area.

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