Bitcoin Getting Pressure from Selling, Price declines to less than USD 96,000, XRP Registers More than 20 Percent Gain

Bitcoin, the largest cryptocurrency by market value, fell on Monday. The price of Bitcoin was down 1.61 percent on international exchanges and was trading at $95,407. There has been selling pressure in the crypto market for the last few weeks. Last month the price of Bitcoin had increased by about 37 percent.

The total market capitalization of crypto is approximately $3.5 trillion. Bitcoin’s share in this is more than 56 percent. The price of XRP is increasing. Its price increased by more than 21 percent to around $2.33. Ether, the second-largest cryptocurrency, had a loss of more than two percent. Its price was around $3,608. Apart from this, there was a rise in Avalanche, Cardano, Solana, Polkadot, Chainlink and Stellar. Crypto market analysts say that if funding increases in spot ETFs of Bitcoin, its price could exceed one lakh dollars. The next resistance for Bitcoin lies at $98,000.

After the victory of Donald Trump in the presidential election in America, Bitcoin had continuously made new highs. The price of this most popular cryptocurrency had reached close to one lakh dollars. However, after this, Bitcoin declined due to heavy selling pressure. Long-term holders of Bitcoin have a major stake in this selloff.

The price of Bitcoin has increased more than double in the current year. It has increased by more than 40 percent since Trump’s victory. The crypto market also grew significantly after Bitcoin Exchange Traded Funds (ETF) were approved in the US earlier this year. A new government led by Trump will take charge in America early next year. The agenda of this government may include making laws for crypto. Recently, Jay Clayton, former chairman of the Securities and Exchange Commission (SEC) in the US, had said that the new government could make a law to control cryptocurrencies. He had said that he is in favor of reducing the regulatory burden which will encourage listing of companies. Clayton said, “I believe that legislation will be made for crypto. If you can deal with some of the problems at the executive or administrative level then it may be easier to make legislation for crypto.”