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bitcoinComment from Marius Reitz, Luno GM: Africa

Bitcoin price drops further as politics continue to drive sentiment

Bitcoin is now below US$8,000 at the US$7,800 level (R126,101). Both Ethereum and Bitcoin Cash are also struggling to find buyers and are at US$166 and US$214 respectively.

The negative outlook for altcoins continues. The Asian market trading in digital assets has opened in the red following trouble in Hong Kong over the weekend. With mixed data out of China this morning, the current range of geopolitical issues will continue to be market drivers.

The resolution of any of these could help restore confidence in Cryptocurrencies.

Looking at regulatory movements at a global level, France has said it will block the development of Facebook’s Libra.

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