Bitcoin Market cap falls below $100bn
In all the excitement over the UK's Brexit that is not, in fact, Brexit, it was hardly noticed that Bitcoin (BTCUSD) suffered a long overdue decline yesterday, confirming that it remains very much in a downtrend. The market capitalisation of the cryptocurrency bellwether has now fallen below $100bn for the first time in over a year. The optimistic dreams of Bitcoin holders from 12 months ago must now be weighing heavily on those who are long above these levels and for whom relief appears to be a very distant prospect indeed. We would anticipate some temporary support around the $5,000 level, but it would take an unexpected event of some magnitude to reverse the downtrend. There will be a point at which it has some intrinsic value but for the foreseeable future Bitcoin retains all the appeal of holding onto a lit firework. Our view echoes the advice commonly printed on the side of such devices - Handle with Care.