- Bitcoin is back above $9,600 with strong fundamentals
- Altcoins at risk of losing more value
- Super-rich Indians prefer Bitcoin to Altcoins for investments
Bitcoin News Today – The largest cryptocurrency by market cap has staged a comeback after the huge losses it recorded yesterday. BTC is now trading above the $9,600 level with bullish fundamentals.
Bitcoin (BTC) Price Today – BTC / USD
The Winter is Not Yet Over For BTC
Analyst Josh Rager took to Twitter to warn investors that the coin could take another hit to $8k.
Rager warned that BTC price is still in the woods for the short term. However, He still believes that it can become bullish if it goes back above $10,100 again.
Despite the present woes of the digital currency, BTC is showing bullish technical fundamentals. Earlier in the week, the network set a new record with its hash rate. Also, the market cap of Bitcoin rose to more than 70% for the first time in years.
Altcoins May Bear the Brunt
The altcoin market recovered modestly after the huge selloff yesterday. Ether, the second largest crypto by market cap rose slightly to $170. EOS and XRP saw a 2% rise in value. Bitcoin SV was the biggest winner of all with 5.2% gains.
Popular Bitcoin proponent, Max Keiser, says the market cap of Bitcoin may reach 85% soon and the altcoins would bear the brunt. The RT host tweeted Friday that the value of Ether would halve to $90 from $170.
Rich Indians Believe Bitcoin, Not Altcoins is a Great Investment
Financial Express reports that the wealthiest people in India prefer Bitcoin to Ethereum and XRP and other altcoins. About 30% of people picked Bitcoin as their choice cryptocurrency when it comes to investment. Ethereum and XRP came in second and third place. Only 6% said they were willing to invest in other altcoins.
Half of the wealthy people in India said that they didn’t know what cryptocurrencies were. Also, only 29.15% who knew what it was planned to invest in it. 9% opted for Ether as a preferred investment. The remaining 7% chose XRP.
India is one country that has attempted to regulate cryptocurrencies in the past. The authorities are wary of cryptos and made an attempt to ban it. the supreme court of India has asked the government to justify the proposed ban on servicing crypto businesses which was implemented in July 2018.
Many other countries have made attempts to regulate cryptocurrency. Other countries such as the U.S tax crypto holders and it is subject to money laundering laws.