Weekly Crypto Market Analysis: Bitcoin ends a disappointing year, and YouTube declares war on crypto-related content
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This Week’s Summary
Crypto Trends 23-29th of December 2019: PERFORMANCE & ANALYSIS
The last week of 2019 does not bring massive changes on the crypto market. Bitcoin puts an end to its wobbly performance throughout the year by barely defying the $7,500 barrier. The altcoins struggle to finish the decade on a high as most of them disappoint in reaching the expectations set 12 months ago.
The BTC value has been on a downtrend for several weeks now, and the end-year predictions are not rosy. The most probable scenario sees the most popular crypto fall under a bearish attack. Before January kicks in, we might even see it drop below the $7,000 mark.
In a more optimistic scenario for Bitcoin, industry experts hope for a bullish attack in the nick of time. Their expectation is that BTC will soar past the $7,800 mark and save face before the fireworks usher in a new decade.
With three days to go, Bitcoin sells for 7,424 at the time of this writing. The news that countries like South Korea and Russia are looking to develop and launch their own stablecoins is not favoring a BTC revival at the moment.
The rest of the altcoins remain in Bitcoin’s guiding shadow. XRP shows signs of stabilization against Bitcoin, but it cannot get its hopes up above the $0.20 barrier. At the time of this writing, it ends the week at a disappointing $0.19.
Ethereum continues its 3-month downtrend direction as it slips further away from the $230 target that many had set at the beginning of the year. At the time of this writing, it sold for $131.
Elsewhere, in a strange turn of events, YouTube appears to wage war against crypto-based videos. Several crypto enthusiasts shout out their frustration on Twitter after the social media platform deleted several clips on cryptocurrency that it deemed to be “harmful or dangerous content.”
YouTube later returned with a “mea culpa” statement claiming it was nothing more than a system error. However, this unexpected and somewhat drastic measure is just another link in a long chain of temporary bans and restrictions imposed on cryptocurrency-related content by Google, Facebook and other major networks.
What’s in the News?
Next Week’s Market Forecast
For the remainder of this year, the cryptocurrency market should not deliver any major surprises. Unless the bulls rally back behind Bitcoin and push it beyond the $7,800 barrier, we should see very little positive action in the upcoming week.
The most realistic impression across the market right now is thatthe next decade will see BTC start in the red. The other altcoins should follow suit and hope for less volatility in the upcoming year.