Bitcoin Price Drops to New Yearly Low at $3,200: What’s Causing the Decline?

Bitcoin Price Drops to New Yearly Low at $3,200: What’s Causing the Decline?   On December 14, following a fairly large sell-off from the $3,400 region, the Bitcoin price dropped to a new yearly low at $3,200. As Bitcoin (BTC) declined in value, other major cryptocurrencies including Ethereum (ETH), Stellar (XLM), and Bitcoin Cash (BCH) experienced large losses against the U.S. dollar, with BCH falling by more than 11 percent. Within a seven-day period, the Bitcoin Cash price` has fallen from $116 to $89 by more than 25 percent despite…

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Cryptocurrency Bull Tom Lee says Bitcoin’s Fair Market Price is $14,800

Cryptocurrency Bull Tom Lee says Bitcoin’s Fair Market Price is $14,800.   Bitcoin’s dismal price of roughly $3,400 is wrong because its actual fair market value is $13,800 to $14,800, says bitcoin bull Tom Lee. The Fundstrat founder said he made the assessment by considering the number of active wallet addresses, usage per account, and supply metrics. Fair value is significantly higher than the current price of Bitcoin,” he wrote in a note, as reported by Bloomberg. “In fact, working backwards, to solve for the current price of Bitcoin, this…

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