Bitcoin News, Market Analysis

Bitcoin Price Below $47k, Wipes Away All October Gains – Is It The Start Of Bear Market?

Bitcoin (BTC) dropped below $47,000 on December 4, dropping roughly 20% in the previous 24 hours. This is the greatest one-day decrease since May 15, when the price of Bitcoin briefly fell below $33,000. BTC’s market price plunged 26.4 percent from week-long support of $57,206 to $42,268 before returning to the $45k barrier. According to Coin glass statistics, the Bitcoin market saw $1.3 billion in total liquidations in the last hour, with $735 million liquidated in BTC longs as a result of this decrease.

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BTC/USD 1 DAY PRICE CHART- SOURCE: COINMARKETCAP.COM

Bitcoin’s bear market thus cancels out the 2-month-long bull market that began on September 29, during which BTC gained more than 63 percent to an all-time high of $67,602 by November 2008. However, other Bitcoin observers, including TechDev, have noticed a similar pattern with Bitcoin’s price activity over the last year.

Another reason for Bitcoin’s two-month low negative run may be ascribed to widespread pushback from US authorities, who have invited the CEOs of big crypto exchanges such as FTX and Binance US to a crypto-assets hearing.

Following in the footsteps of El Salvador, the Zimbabwean government is exploring the widespread usage of Bitcoin. As previously reported by Coin telegraph, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the president’s and cabinet’s e-government technology section, acknowledged that conversations with firms are already ongoing.

The authorities, according to Wekwete, seek to adopt legislation to safeguard customers from financial concerns such as unregistered cross-border transactions, money externalization, and money laundering. Despite worries about volatility and noncompliance with standard banking norms, Bitcoin remains a potential asset for countries with shaky economies.

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