The bitcoin exchange rate plummeted by 7%, two important factors for today
Stock Markets Group – the exchange Rate of bitcoin over the last 24 hours suddenly collapsed, losing more than 7% and hit a low of 3800 dollars per coin.
The collapse of asset produced the effect of surprise for investors, because for two weeks, Bitcoin steadily moved up, and the capitalization of the stock market increased daily from 2 to 5 billion.
The situation changed dramatically after it became known about a record reduction of employees in mining giant Bitmain.
Most of the cryptocurrency in the top ten reacted negatively to this message, and fell behind the most popular digital asset.
So the Bitcoin exchange rate Cash plummeted 7.42 per cent, reaching a level 169.22 dollar, the price of Ripple lost 6.17% and is close 0.3859 dollars, the cost of Ethereum fell to 8.33% and dropped around 130 dollars, and the Bitcoin exchange rate Gold fell by 10.83%, and for one coin on cryptomeria offer only 13.94 USD.
Total market capitalization of crypto-currencies also falling, and at the moment is 119 000 billion.
Chart bitcoin/dollar has undergone serious changes, and points to a surge in sales of cryptocurrency, overriding the sustainable growth of the last few days.
The situation is aggravated by the low activity ahead of holidays and a high risk of cryptonomicon, go in purchase the last days. We will remind that for two weeks the market capitalization of cryptocurrencies has increased by more than 30 billion dollars. The sharp outflow of funds will collapse the price of bitcoin very quickly.
Technical indicators took a neutral position and act as a support, which is $ 3700. Further pressure on bitcoin will lead to the resumption of sales with even greater force.
Why falling bitcoin exchange rate?
As we wrote earlier, the main reason, according to experts, were the reports that major mining giant Bitmain cut half the staff, that is about 50%.
As reported by Chinese media, this will happen by the end of this week, and already today the world leader in the production of mining equipment has fired the team working on the development of Bitcoin Cash direction.
About the beginning of a major reshuffle in the company, Twitter said the Director of strategic development Blockstream Samson MOU:
“The company simply fired the team Copernicus in full force on Christmas eve, and even those who joined the project recently,”
As we mentioned earlier, bitcoin exchange rate, and the strong drawdown of crypto-currencies was the main reason for the closure of many mining-farms, as well as projects associated with cryptomnesia.
For example, the manufacturers like Bitmain gets forced to review its operations worldwide and to review operating costs given the current situation.
By the way, earlier the company closed a development center in Israel, Bitmain, and dismissed all the employees, citing losses due to the strong depreciation of the cryptocurrency.
As you know only in the month of November the drop in the capitalization of the stock market amounted to 70 billion dollars, after a hard forks of Bitcoin Cash. Bitmain in turn have in their structure a substantial support of this project, led by Roger Ver, and his quest to take a lead on the stock market.
Bitcoin seriously lost in value after risk to take the second place after Bitcoin Cash, which caused a prolonged wave of sales in a few months.
Another reason for the fall of bitcoin exchange rate today were the rumors that the CFTC will take the date of the announcement of its verdict to launch bitcoin futures Bakkt. Moreover according to analysts, the reason is simple, it’s the lack of time to prepare the relevant documentation.
The Commission is expected to trade in futures will report on the transfer no later than December 30, and this can cause a serious wave of disappointment among investors who purchased active digital assets for the last two weeks.
If this information is confirmed, the rate of BTC will have time to upgrade to new historical lows in new year’s eve.
Market analyst cryptocurrency
Stock Markets Group™