The exchange rate of bitcoin per day lost 3%, Ethereum fell by 10%
The stock market starts week in the red zone: the exchange rate of bitcoin (BTC) loses in the last 24 hours of 3% and is trading at $6,300, the second largest cryptocurrency Ethereum (ETH) drops by almost 10% and is again below $200, other coins from the TOP 10 in the red zone, losing from 2% to 10%. The price dynamics is also accompanied by the rising dominance of Bitcoin (BTC) above 56%, which indicates the withdrawal by investors of their assets from altcoins in the direction of the reference currency. Along with this, recorded the lowest daily trading volume since November last year, about $10 billion with the growth of complexity of extraction of BTC due to the introduction of all new mining capacity.
It should be noted that the current trading volume of about $10 billion a day can continue to show decline without new benchmarks for growth.
Now on the market manifested a bias towards the creation of their own or moving to other stabilini against the background of discrediting USDT: Digifinex crypto currency exchange, one of the TOP 15, also wants to get away from the Tether to TrueUSD. It seems that the big players want to own the levers of manipulation, because everything happening around Tether now carefully monitored.
It should also be said that the current “ice age” can be associated not only with the loss of faith in the “crypto project” in principle, but also that market participants have complete control over all possible triggers: movement on large purses are monitored in real time, all the tricks with the “pumping and rocking” as well-known and completely analyzed, strong statements of authoritative people and not so from the growth rate of BTC to $250K and falling to $100 also do not render almost any influence on the price dynamics of the market.
In these circumstances, increasing influence played by short-term technical factors. Restore the price of Bitcoin last week petered out, and the reference cryptocurrency was quickly thrown to the bottom of the range. However, due to the low trade turnover, the weakening looks “false”. It is likely that the players pick up the most hyped coin dips. The fall of the ETH has attracted buyers and has resulted in an increase of trading volume to maximum for 3 months. Nevertheless, you should remain cautious with purchases of Bitcoin, as the currency is trading at an important support line and experiencing turns to decrease with lower levels.