Bit-comment: Bitcoin declines to USD and other altcoins

Bitcoin remains locked in the price range around $8.5K, while the impulses that allowed the benchmark cryptocurrency to bounce sharply from $7.5K have disappeared. No one hoped for China as a “good fuel” for the sustainable growth of the asset seriously, but the news in the form of a statement by the head of China turned out to be loud and bright.

Now China takes a controversial approach: on the one hand, it tries to increase the “crypto literacy” of the country’s residents by publishing articles, on the other hand, it reminds of a severe reaction in case someone decides to try crypto trade.

The Bitcoin dominance index declined further to 65.9% at the beginning of the new week. The process is entirely predictable, as in a broader perspective there are few reasons to expect a repeat of the summer highs test. Investors are diversifying their investments, as in the historical perspective, altcoins are at rather low price levels.

The FxPro Analyst Team