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The price of bitcoin has dropped 4% earlier today, the 29th January, while the cryptocurrency market to recover from its previous corrections. Other major cryptocurrencies like Ethereum, Cardano and Stellar also fell by low margins, in the region of 3 to 5%.
The performance of Bitcoin
The collapse of bitcoin performance is not exclusive to bitcoin. Most cryptocurrencies on the market have struggled to record significant gains since the end of December, when the valuation of the cryptocurrency market declined by more than 30%.
Bitcoin remains one of the few major cryptocurrencies besides Ethereum to have not recorded a 50% drop from its historic high. Others, like Ripple and Bitcoin Cash, have fallen nearly 60% from their historic highs of early January.
More recently, Robinhood, the US financial services company that allows individual investors to invest in the stock market, has announced that it is launching an exchange of bitcoins and cryptocurrency, allowing traditional financial market investors to carry out transactions. the cryptocurrency sector.
Robinhood's cryptocurrency trading platform is expected to begin in February. But, more than 998,000 users have already registered for quick access to Robinhood's cryptocurrency trading platform. That is to say nearly 10% of the user base of Coinbase.
This week, several hedge funds also expressed optimism about the short-term trend of bitcoin, given the increase in long-term contracts on the bitcoin futures market. Previously, there were unconfirmed market rumors that whales or institutional investors in the financial sector have sold massive amounts of bitcoin to cash short-term contracts, with the aim of deliberately lowering the price of bitcoin
Adoption by retailers
Today, CCN reported that WeMakePrice, one of South Korea's largest e-commerce platforms, has begun integrating 12 cryptocurrencies into its existing system in partnership with Bithumb. Cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS and Qtum will soon be accepted by WeMakePrice, making it the first reseller in South Korea to accept cryptocurrencies.
The cryptocurrency market struggles to reflect the rapid adoption of cryptocurrency by retailers and large conglomerates, which skeptical Starbucks president Howard Schultz described as the single most important factor for growth of the cryptocurrency market. ]
"Personally, I believe that there will be one or a few legitimate digital trusting currencies from blockchain technology.And this legitimacy and this trust in terms of application for consumers will have to be legitimized by a brand and a brick-and-mortar environment, where the consumer will trust the company that provides the transaction. " Schultz said.
While the main cryptocurrencies on the market continued to be adopted by major financial sectors and retailers, market valuation could increase over the next few weeks.
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