Bitcoin: Buy the Dip, But Wait for the Rebound

Last week, the price of bitcoin broke below its key support level of $10,000 for two reasons: 1. The launch of the first “spot”-settled bitcoin futures contract by Bakkt failed to meet trade volume expectations and 2. The SEC further delayed making a decision on a bitcoin ETF.  Furthermore, Facebook Chief Executive Mark Zuckerberg has revealed that his Libra cryptocurrency, which is largely credited with sparking bitcoin's bull run to $13,000 earlier this year, may not launch in 2020, as previously expected.


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