Bitcoin Slips Below $10,000, Erodes 30% Price In Last One Week

Bitcoin and the overall cryptocurrency market continues its correction further. Earlier today, July 2, Bitcoin continued its downward momentum slipping below $10,000 levels before again recovering back.

Last Thursday, June 27, after making its 2019-high of $13,777, Bitcoin lost $3000 in a massive crash moving to $10,500. However, it has remained volatile over the weekend and today Bitcoin slipped below its major support of $10,000 extending its losses to nearly 30% in one week.

At the press time, Bitcoin is trading at a price of $10,246 with a market cap of $182 billion. However, Bitcoin still continues 60% of the overall cryptocurrency market.

However, despite its falling prices, Bitcoin continues to be in great demand in the market. Even in this falling market, Bitcoin is trading at an massive premium in Zimbabwe and south Africa.

Amidst the worsening economic conditions in these countries, their governments have introduced new policies banning any sort of local trading in foreign fiat currencies. With massive hyperinflation and falling currency, Zimbabweans are heavily investing in Bitcoin to protect their capital.

A report from FxStreet shows that Bitcoin is trading at nearly 600% premium at the price of $70,000 per BTC token. Additionally, with stricter policies, local investors are opting for peer-to-peer trading platforms like LocalBitcoins.

In another major announcement, world’s largest crypto exchange Binance has announced that it will be launching its futures trading platform providing the initial support for BTC/USDT futures contracts and a leverage of up to 20x.

The announcement was made by Binance CEO Changing Zhao while addressing a keynote at the Asia Blockchain Summit in Taipei. Although Zhao didn’t speak on the exact date of release of the Binance Futures platform, the exchange plans to soon release a simulation test version of the same.