The value of the first cryptocurrency continues to decline after it failed to consolidate above the important $50,000 mark on August 23.
On the morning of August 26, the price of bitcoin on the cryptocurrency exchange Binance updated the weekly low at $46.6 thousand. As of 9:45 Moscow time, the first cryptocurrency is trading at $47 thousand, for the past 24 hours it has fallen in price by 3%. The rate of the asset began to decline on August 23, when it was rising to a local high of $50,500.
Bitcoin’s market capitalization has once again fallen below $900 billion and currently stands at $885 billion with daily trading volumes of $34.7 billion, according to CoinGecko. The cryptocurrencies overall market valuation remains above $2 trillion, with bitcoin at 42.3% and Ethereum at 17.5%.
This week, John Bollinger, a well-known analyst and creator of the Bollinger Lines indicator, warned cryptocurrency holders that they should keep a close eye on quotations. The trader advised long-term investors to hedge and lock in some profits, and also said that a possible further decline in the price of bitcoin can be used for its additional purchases.
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