Bitcoin price falls below $35,000, and BTC correction was ascribed to criticism of the candidate for the post of US Treasury Secretary
Bitcoin price falls below $35,000
The cost of the first cryptocurrency dropped to $34,526, according to the Coinmarketcap data. In 24 hours, BTC fell by almost 7%.
“Bulls and bears on Bitcoin are playing a tug-of-war near the $35,000 support level. Neither side has a clear advantage, which creates an opportunity for bitcoin to settle near occupied levels. Over the past day, bitcoin has lost about 3% and is trading around $35,500. In addition to the supporters of the growth up to $50,000 theory, there are other market participants who believe that what is happening at the moment may resemble the scenario of the end of 2017, when at first bitcoin reached its historical maximum, then a rather short season of altcoins began, and after that “crypto winter” came,” FxPro analysts say.
Also, experts believe that when the trend continues in the near future, you need to be careful. If the main cryptocurrency starts to fall sharply, “altcoins will attract large-scale retail FOMO, which will push BTC up for a while,” FxPro analysts believe.
Expert: BTC correction related to criticism of the candidate for the post of the head of the US Treasury
A prerequisite for the price correction of BTC could be criticism of bitcoin from the candidate for the post of the head of the US Treasury Janet Yellen. This opinion was expressed by the director of Binance in Russia Gleb Kostarev.
Yellen previously stated that cryptocurrencies are a “special problem” for law enforcement agencies fighting money laundering and terrorism. However, investors are still positive about the long-term prospects of BTC, Kostarev is sure.
“Vailshire Capital Management and PlanB have given new positive forecasts for the future price of the historic coin,” he stressed.
Firo network underwent 51% attack
Representatives of the Firo (formerly Zcoin) cryptocurrency project, which focuses on increased privacy, reported a 51% attack. The developers advise users to suspend operations on the network until it starts functioning normally.
“We are under 51% attack at the moment. We recommend not to make transactions during this time until the network returns to a normal state. We will post updates when we have them. Note this is not a coding error but a nature of PoW, ” the project representatives said.
The company’s developers pointed out that the attack took place several weeks before the planned implementation of Chainlocks. This is a special tool that prevents 51% attacks through the use of masternodes.