The price of Bitcoin (BTC) hit its lowest level so far this year on Sunday. There are mixed opinions about the price of Bitcoin; the cryptocurrency is under pressure due to regulatory issues but a majority of investors and analysts see a bright future for the cryptocurrency nonetheless. However, things may not go well for the leading cryptocurrency in the short-term.
Bitcoin and all major cryptocurrencies were performing well early Monday compared to what happened over the weekend.
Here is what is happening in the cryptocurrency market on Monday.
In the News
On Sunday, the price of Bitcoin hit its lowest level of $5,787 so far this year. This marked a decline of more than 70% since December 2017. The world’s most popular cryptocurrency is under pressure due to regulatory uncertainty, particularly in Japan.
Todd Gordon, the founder of TradingAnalysis.com, believes that the price of Bitcoin will drop to $4000 before bouncing to more than $10,000 by 2019. Speaking with CNBC, Gordon said that the value of BTC is expected to continue declining in the short term.
Ebang Communication, a bitcoin mining chip maker in China, plans to launch an initial public offering. The company has filed an IPO application with the Hong Kong Stock Exchange. A report from Reuters in May suggested that the company was looking to raise $1 billion though the public offering.
Alibaba founder and billionaire Jack Ma sees Bitcoin as a bubble. His firm Ant Financial has launched a blockchain-based money transfer service between Hong Kong and the Philippines. Ma is bearish on Bitcoin, but the billionaire is bullish on blockchain technology generally.
Ukraine says that cryptocurrencies miners won’t be needing a license to operate in the country. In a statement, the State Service of Special Communication and Information Protection, which is responsible for licensing administration, said that crypto miners can start their operations without a license. Ukraine is a paradise for cryptocurrencies miner. The country generates an annual revenue of more than $100 million from crypto mining industry.
South Korea’s Ministry of Strategy and Finance has denied reports that the country is preparing to impose a 10% capital gains tax on cryptocurrency income. Last week, local media outlet Chosun reported that South Korea was considering a 10% tax on cryptocurrency profits. The publication cited a high-ranked government official.
The Canadian province of Quebec is planning to allocate 500MW of electricity to cryptocurrency mining companies. BcFocus reported that Hydro Quebec submitted a proposal to the provincial government selling of electricity to cryptocurrency miners. The electric company believes that this move would not only benefit cryptocurrency miners but would help in reducing electricity rates for customers.
Cryptocurrency Prices Today
Bitcoin (BTC) gained 5.27% over the past 24 hours, trading at $6,170.79 in the morning.
Ethereum (ETH) is trading at $449.64, up 2.30% over a 24 hour period.
EOS moved up 11.94% over the past 24 hours, now trading at $7.97.
Ripple (XRP) is trading at $0.4762, up 5.42 over a 24 hour period.
Litecoin (LTC) is trading at $80.54, up 3.92% over a 24-hour period.
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