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The valuation of the cryptocurrency market, which oscillated nearly 470 billion dollars two weeks ago just 313 billion dollars, while the main cryptocurrencies, including bitcoin, have lost value.

bitcoin slips to 7840 as sales volumes intensify cryptocurrency market declines - Bitcoin slips to $ 7,840 as sales volumes intensify, Cryptocurrency market declines

Bitcoin sinking

In the last 24 hours, the price of bitcoin has risen from $ 8,600 to $ 7,840, or nearly $ 800. While trading volumes of most major cryptocurrencies across major stock exchanges remain globally low, daily bitcoin trading volume has been relatively low, with intensified sales volumes on stock exchanges such as Bitfinex and Bithumb.

Yesterday, March 16, CCN reported that while many analysts in the cryptocurrency and traditional finance sector agree unanimously on a long-term trend of cryptocurrency sector, the majority is skeptical about the short-term dynamics of bitcoin, given the correction of 70% suffered since January.

After plummeting below $ 6,000 and dropping from $ 19,666 to $ 5,920, the most dominant cryptocurrency on the world market rebounded in the $ 7,000 region.

But, as demonstrated by a cryptocurrency analyst better known as Wolf of Crypto, it is important to recognize that bitcoin suffered the third crash in its history, after the crash of 83 % in April. 2013, and the accident of 87 percent went from $ 1,163 to $ 152 by the end of 2013 and in 2014.

But, as demonstrated by a cryptocurrency analyst better known as Wolf of Crypto, it is important to recognize that bitcoin suffered the third crash in its history, after the crash of 83 % in April. 2013, and the accident of 87 percent went from $ 1,163 to $ 152 by the end of 2013 and in 2014.

If speculators and investors expect returns of 10 to 100, it is just as logical to expect a drop of 50 to 80% in value, given that volatility fluctuates. In addition, the cryptocurrency market is still in its infancy; Not enough retailers have adopted cryptocurrencies as a method of payment and not enough projects have shown commercial success to demonstrate their potential to revolutionize trillion dollar industries.

It is difficult for any major cryptocurrency to recover from its recent correction of 70% because this time, investors in the consumer and public markets have been damaged by the fall in the price of cryptocurrencies. Previously, cryptocurrencies were considered a promising asset class that could be worth several trillions of dollars in the future.

Now, a small portion of investors who have suffered significant losses in the latest correction view the market as a bubble and as a missed opportunity, despite optimistic comments from some of the biggest names in finance and finance. technology, including Peter Thiel and Alan Howard.

The mainstream media contribute to the continued decline in the value of bitcoin, offering predictions that can be considered absurd, given the lack of basis for them. For example, a recent cover of Bloomberg claimed that the price of bitcoin would likely fall to $ 2,800 without providing any evidence or indication whatsoever.

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