Bitcoin exchange rate 7 Dec: the Market collapsed by 11% cryptocurrency impaired
Sooner or later it had to happen: the exchange Rate of bitcoin (BTC) broke the level of $3,500. In the last 24 hours the reference cryptocurrency is losing more than 11% and is currently trading around $3,400. Daily trading volume grew by about one billion dollars, against the values of the last week. Based on technical analysis and opinions of experts, next stop the price of bitcoin will be about $2,500 – $2,750 with a possible short break along the way.
The altcoins market is inevitably waiting for the “bloodbath”: Ethereum (ETH) loses in recent days more than 15% and is currently trading around $87, XRP loses more than 10%, a token is EOS and demonstrates the decline of almost 21%. Market capitalization of crypto market fell from mid-November at $104 billion, closely approaching the threshold of $100 billion.
Quite difficult to isolate any specific triggers this dynamic. It should be noted that the situation does not seem favorable for other, more traditional areas. The difficult situation on the stock market, oil futures, and trade wars China and the United States.
However, direct correlations with traditional financial market, cryptocurrency and has not appeared. In the context of bitcoin, but rather the impact of the bursting of patience, loss of faith and lack of professionalism crypto investors because fundamentally any new serious adverse events not planned now.
Largest wallets not move their bitcoins and, therefore, everything that happens brings other players to the possibility to buy many assets at their historically low cost. However, this situation is realized only after market will survive the massive turbulence and a possible period of stagnation. If bitcoin has not yet reached its bottom, many altcoins already appeared at very affordable investment levels – and this is not the limit.
Alexander Kuptsikevich Companies,