Crypto market in general and Bitcoin in particular, the first 2 weeks of April were not very favorable when the red color continuously flooded.
The past hours, prices Bitcoin started moving downwards when it could not sustain the $ 6,900 threshold, similar to bitcoin, altcoins also turned down.
In the past 24 hours with many adjustments, the lowest bitcoin price recorded at 6,486 USD and the highest was 6,942 USD.
Bitcoin price today (April 16) at 8:45 at US $ 6,631, down 4.20% from the previous 24 hours.
Bitcoin's market capitalization remains low at $ 120.45 billion, with Bitcoin's market dominance (market share) rising to 64.2% - according to BTA's bitcoin exchange rate.
The market shows the majority of red, there are up to 95/100 discounted cryptocurrencies compared to the last 24 hours.
In the top 10 by market value, no one has increased in price over the last 24 hours.
The total market capitalization of the digital currency recorded at 8:45 at US $ 187.57 billion, down US $ 9 billion from the previous 24 hours.
The market's 24-hour trading volume recorded at $ 115.08 billion, down $ 2 billion from April 15.
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The bear market may last until the end of the year
Technical analysis from CCN suggests that if the bullish scenario occurs, Bitcoin price needs to break the target of $ 7,500 and maintain above $ 7,700.
Conversely, if the bearish scenario recovers, a reversal from the $ 6,500 threshold will pull Bitcoin below $ 6,000. If this currency can not curb the decline, the possibility of falling to the area of USD 5,700 - USD 5,500 could happen.
"If breakout is not enabled, 2020 will be the next bad year for Bitcoin," tweeted professional trader Bullwinkle tweeted.
"My point of view is that the gloomy volatility of the current bitcoin price may last until the end of the year, the bears can control the market for at least another 6 months," he said.
Agreeing with the above view, cryptocurrency analyst from The Shark, Bernard said, “With the strong impact of the global COVID-19 pandemic, it will take quite a long time for the cryptocurrency market to search. momentum of recovery ”.
China banned blockchain companies from exporting medical goods to other countries
Chinese authorities have banned the national blockchain company, Tus Data Asset, from exporting and supplying medical supplies to countries with COVID-19 outbreaks.
According to local news site Global Times, the Beijing-based company was blacklisted on April 15 by the Ministry of Commerce because it had worsened the country's image by selling low-quality products. The government also apologized for not monitoring the third party supply more effectively.
Notably, Tus Data Asset is the first blockchain technology company to be managed by state capital.
China national blockchain platform is coming out next week
China's national blockchain platform, Blockchain Service Network (BSN), is expected to launch on April 25.
This idea is managed by the Chinese government, the National Information Center, to help companies use branched and cheaper blockchain applications.
"Initial investments, operations and high-cost maintenance facilities are the main current obstacles in blockchain development ... Therefore, the industry urgently needs to create a public infrastructure network," Hiep said. BSN Development Association writes in the prospectus.
Currently, it costs about 100,000 CNY (14,000 USD) to build a trilateral local network environment based on blockchain, according to the association. And BSn said it will drastically reduce costs to about 2,000 - 3,000 CNY (280 - 425 USD) a year to set up a chain and work.