Saturday , May 8 2021

Why are the prices and the price of a new collapse?



On Wednesday, bitkoin, the most famous digital currency in the world, fell by more than 10%, falling to $ 6,000 and trading at its lowest level since October 2017.

By the end of the bitcoin session

BTCUSD, -1.59%

closed 11.6%, the third-largest decline in 2018, which rose to 16.5% on January 16th and 15.5% slide on February 5, according to Dov Jones Market Data.

Even the battle guru and former adopter Barry Silbert, who in July said that this battle would not make a new level in 2018, was astonished, summarizing the move of one word: Capitalization


Highest fall in 2018

Read: Bitcoin futures tumble 13%, trigger trading limit

With average investors who lick their wounds, now is the time to look at potential catalysts for battle and fall:

Read: Do not fight FUD: HODL on this list of bitches and phrases you need in your vocabulary

Bitcoin Cash hard fork

Thursday is the fourth largest digital currency Bitcoin Cash

BCHUSD, -10.13%

It is placed on heavy forks and divided into two currencies. This move was shared by the cryptocommunity without clear consensus, the TKTK that launched with the attractive TKTK by a majority of miners and computing power. "This drop in price is more than probable due to the upcoming tough villas scheduled by Bitcoin Cash," said Marcus Svanepoel, co-founder and chief executive officer of Luno, a criminal for trading wallets.

"Bitcoin Cash blockchain had scheduled hard forks to upgrade and improve protocols every six months. In most cases, these hard forks are undisputed with the whole community that supports them. However, in this case, consensus can not be achieved by the appearance of two fractions and proposing different solutions for upgrading. "

Read: What you need to know about Bitcoin Cash's hard fork & # 39;

The war of the fork has seen two of the biggest conflicts in the battle. Roger Ver, who stands for the status house, and Craig Vright, who is fighting for the new Bitcoin Cash, known as the Bitcoin SV (Satoshi's Vision), is struggling on where miners need to carry out their resources.

"It's safe to say that the upcoming hard-core cache bit has upset uncertainty among crypto investors, and forecasters across crypto and traditional markets have predicted that the long bear market will move in 2019." said Donald Bullers, a North American reporter for Elastos, a decentralized software company that keeps personal information.

Neglecting interest in digital currencies

After a few months of searching that fueled bitterness volatility to record low levels, questions about the overall interest in the growing industry have grown. The data from bitcoiniti.org show a steady decline in traffic volume in 2018.

Moreover, since the amount went down, one analyst noted that the pace of decline indicates that the adoption of digital currencies has been stopped. "The speed with which the cryptos collapsed on Wednesday suggests that it has very little money, buying interest in the market, and that's the size limit," said Nick Cavlei, an analyst at the Daili FX market.


Bitcoin trade volume

Read: Almost 10% of all battles did not move in 12 months

Technical break

For technicians, the charts were talking about the story. The longer the battle lasted $ 6,000 without moving anymore, it was even more vulnerable, if it became a sharp drop

"[Bitcoin] has just been broken below the 12-month support level defined in February, April, June and August-October levels, would warn traders / investors to assume that this yeast is the main effect, "said Rob Sluimer, a technical analyst at Fundstart Global Advisors – In the research.

Even more worrying for HODLers, a group of investors who are helplessly retaining their investments, despite market losses, Sluimer noted that the move could continue. "The debate this week raises the risk [bitcoin] will test next support close to 5000 with the next big one, he added.

But, for true cryptoanarchists, it may take more than 10% drops to accommodate their cryptography. "The simple fact is that I do not sell bitkoin in my portfolio, actually I'm not even interested in today's market action," wrote Naeem Aslam, chief market analyst at Think Markets U.K.

"So, recent sales have not changed my look at the technology or potential that it has. Wait for the currency or debt crisis and the day it strikes the door, guess who will answer the door? Bitcoin."

Read: What is more unstable than battle? You may be surprised

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