Bitcoin continues to have a bad week as it fell under $4,000 today. So let’s take a closer look. At the start of the month we saw bitcoin surge, hitting a record high climbing past $5,000 on some exchanges, but on Friday it dropped dramatically from $4,600 to as low as $4,000 in just one day. Negative news regarding China’s crackdown has weighed heavily on the price and rumours circulating this week have made the situation even worse. It is important to understand that we are all still waiting for clarification from the Chinese government in relation to stories that Chinese regulators are ordering domestic bitcoin exchanges to shut down. Right now, this is just talk, as none of China’s largest exchanges – Huobi, OkCoin and BTC China have stopped trading. Chinese OTC cryptocurrency trading service Bitkan plans to suspend over the counter trading from tomorrow in response to China’s ICO ban. The company said that this will not affect its bitcoin wallet, as well as the deposit and withdrawal functions of the digital assets. The total value of all cryptocurrencies reached a record high of almost $180 billion on September 2nd. The total market cap climbed to as high as $164 on Friday the 8th before falling again. We saw it fall from $152 billion on Tuesday all the way down past $137 billion today. Ethereum, climbed over $300 on Tuesday, but today it fell to as low as $273. Bitcoin cash is also experiencing some losses falling below $480 today. It surpassed $700 last Thursday. Ripple has suffered a sharp fall over the past few hours, and it continues to head lower. Litecoin has fallen more than 10% in the last few hours and it fell to around $60.
More and more people across the globe are embracing the cryptocurrency world, but there will always be those who are bearish. JP Morgans CEO Jamie Dimon’s recent negative comments have definitely not helped sentiment after he warned that it could all blow up and he doesn’t believe that it can survive. One person who is a believer and remains confident in bitcoin is the founder and CEO of Social Capital, Chamath Palihapitiya. According to CNBC, he said at the Delivering Alpha Conference in New York yesterday that, “we’ve been massively long bitcoin for years, the genie is fundamentally out of the bottle.”
Argentina is expected to get over 200 bidirectional bitcoin ATM’s in Argentina. Odyssey group is developing this project and its CEO Sebastien Ponceliz told CryptoNoticias that the company will begin operations with Bitcoin, Ethereum and Litecoin. He added that, “our company transfers technology outside the United States. The Octagon platform, allows to communicate with the transactional port of each country and in that way, to manage the bidirectional ATMs. Octagon, allows the ATM user to obtain cash, exchange cryptones, obtain microcredits, transfer money and many other functions through electronic wallets. Ponceliz said that the company is working together with the central banks of Argentina, Chile, Paraguay, Colombia and Mexico.