The price of bitcoin continued the decline that began on Monday and dropped on a number of exchanges below $7,500. The last time this famous cryptocurrency traded on these marks was more than a week ago.
The market capitalization of the original cryptocurrency at the time of publication was $130,2 billion. In general, bearish sentiment prevailed in the market over the past 24 hours. The vast majority of altcoins are in the deep red zone. A number of experts suggest that bearish sentiment in the market is caused by the latest limes from South Korea, where the authorities are considering the possibility of lifting tax breaks for crypto-exchanges.
But not all crypto enthusiasts agree with this point of view. Bart Smith, who is called the ‘Wall Street’s Crypto King’, believes that the most famous cryptocurrency is still in the bullish phase. The head of digital assets at Susquehanna believes that if the price of Bitcoin is delayed for some time above the level of $6,800, it will mean that the bears left the market and are unlikely to return to it in the nearest future.
WHY IS IT IMPORTANT?
Bart Smith's opinion is supported by several well-known experts of crypto market.They believe that now the market is correcting the Bitcoin rate, after it was able to grow by more than $2,600.
Experts also suggest that the first cryptocurrency may fall in price, but then grow again.