Bitcoin price fell for the second day in a row, dipping below $4,200 for the first time in five days. The cryptocurrency hovered around its support at $4150 throughout the day.
After the China’s ban and local Chinese State news calling for “iron fist” regulation of Bitcoin exchanges, Bitcoin price struggled to gain any momentum today. Bitcoin Cash, on the other hand, suffered a 10% slump falling to a three-week low.
At the time of writing Bitcoin price is trading at $4220 with a $70 billion market cap. The subsequent rise from here will decide whether Bitcoin will resume its uptrend and rally above $4,500 or will it turn down and sink below $4,000.
That being said, experts are still bullish on Bitcoin and expecting it to reach $6000 by the end of this year. That is 42% above the current price of $4,200.
Top Stories from the Crypto World
1. I’m still thinking about Bitcoin, says Goldman Sachs CEO
Lloyd Blankfein, Goldman Sachs CEO, said he is “still thinking about Bitcoin“ but has not yet reached a point where he is ready to endorse or reject it.
The day before, the Wall Street Journal reported that Goldman Sachs was considering becoming the first blue-chip Wall Street investment bank to launch a dedicated bitcoin trading operation.
This is in stark contrast to JPMorgan CEO Jamie Dimon, who lambasted bitcoin as a “fraud” that is “worth nothing.”
2. China reinstates its stand on cryptocurrencies
Xinhua News Agency, the Chinese government’s media arm has defended regulators’ recent decision to outlaw token sales, or ICOs, and the voluntary closure of bitcoin exchanges that followed.
The report said cryptocurrency exchanges had become a favorite among criminals across the world. It further add that exchanges are known to have “concocted pyramid schemes” and “engaged in illegal activities” – criminal activity “disguised as scientific and technological innovation.”
3. Japanese energy supplier adds Bitcoin payments with a discount
Remixpoint, a Japanese company engaged in a number of energy-related businesses, has recently launched a new electricity service with Bitcoin payments integrated to serve customers all over Japan.
The company is now offering customers who pay with bitcoin a discount on their electricity bills. Bitcoin payments are processed by the company’s cryptocurrency exchange subsidiary, Bitpoint.