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Bitcoin Price Bounces on Monday, Here is an Overview of Crypto Market

  • Bitcoin price has found a strong support level at around $19k, forming a possible double bottom on the weekly derivatives chart.
  • Tether (USDT), the oldest stablecoin in the industry, is currently ranked third by market capitalisation.
  • Notably, reality TV star Kim Kardashian has paid out $1.26 million to the U.S SEC following her promotion of the EthererumMax digital token.

Bitcoin (BTC) price has led most of the altcoins in a Monday rebound following a sloppy weekend. According to our most recent market data, Bitcoin price is trading at $16,832.92, having gained approximately 1.1 per cent in the past 24 hours. Nevertheless, the total crypto market capitalisation is still below $1 trillion, with Coingecko and Coinmarketcap showing approximately $976 billion.

According to market data provided by Pricepredictions.com, Bitcoin price could rise to $20,100.70, where the next hurdle is expected. Moreover, the site’s technical trading tools show the current Bitcoin sentiment is bullish, at a scale of 76 on publication time.

The second crypto asset by market capitalisation, Ethererum (ETH), is exchanging hands at $1,229.77, having gained approximately 1.7 per cent in the past 24 hours.

Tether (USDT), the oldest stablecoin in the industry, is currently ranked third by market capitalisation.

Bitcoin Price Close Up and Crypto Market Wrap

Bitcoin price has found a strong support level at around $19k, forming a possible double bottom on the weekly derivatives chart. The digital asset has been leading the speculative industry in driving out the global dominance of fiat currencies. Only reiterating Gresham’s finance law, which states that bad money drives out good money. 

According to Gresham’s 16th-century observation, if coins containing different metals have the same legal tender value, the coins made of the cheaper metal will be used for payment. In contrast,  those made of the more expensive metal will be hoarded or exported and thus tend to disappear from circulation.

Today saw several high impact crypto news from around the world released. Among them, governments worldwide are working on regulating the cryptocurrency market at full scale. Notably, reality TV star Kim Kardashian has paid out $1.26 million to the U.S SEC following her promotion of the EthererumMax digital token.

Ina bid to retain its global dominance, stablecoin issuer Tether has cut its commercial paper (CP) holdings to less than $50 million.

The crypto dynamics have significantly shifted in the past five years, following a huge proliferation by institutional investors. Among them, the Ethererum network is now secured by a Proof-of-Stake (PoS) consensus algorithm. Governments around the world are working towards a greener energy production and consumption. 

As such, Proof-of-Work (PoW) consensus mechanisms in cryptocurrencies have been under pressure. We can all recall that Tesla Inc. (NASDAQ: TSLA) stopped accepting Bitcoin for product purchase due to its non-renewable energy consumption.

While Bitcoin is currently adopted by two countries, El Salvador and the Central African Republic, as legal tender, the crypto market is feeling pressure from global governments who want the industry regulated.

Meanwhile, analysts currently agree that Bitcoin price is on a precipice of major volatile movements. While an upward burst is on the card, analysts warn that the crypto market may experience yet another contraction before hitting a new all-time high.

Rebecca Davidson Verified

Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”

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