Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
What a difference 10 days makes. At the start of the month, the markets were euphoric as Bitcoin touched a new all-time high. But at some points this week, BTC has been down 10% from these levels, reaching depths of $17,600 — the lowest level since November.
The prospect of new crypto regulation in the U.S. may have spooked traders, and indeed, it’s worth noting that equities have also cooled off this week, too.
Cointelegraph analyst Michaël van de Poppe said hopes of $20,000 in 2020 appear to have been dashed, writing: “Overall, the downtrend will post lower highs and lower lows always until a clear bottom is found.”
Not everyone is pessimistic. Some price analysts expect that BTC’s downside will be limited, and a gradual uptrend will follow as we head into late December. Denis Vinokourov, head of research at Bequant, predicted that the uncertainty over Brexit and the U.S. stimulus package could positively affect BTC in the short term.
And Guy Hirsch, managing director of eToro in the U.S., added: “We may see a bit more of a drop heading into the end of the year, but many investors see these dips as buying opportunities and are likely keeping Bitcoin from correcting as dramatically as the last time it rose above $19,000 back in December 2017.”
Institutions are continuing to snap up Bitcoin like there’s no tomorrow. This week, MicroStrategy announced that…