Bitcoin price: Why is bitcoin pulling down today? Why is BTC falling, City & Business, Finance
BITCOIN resumes to suffer from a major downward trend, along with the surplus of the cryptocurrency market spil prices have plunged once again this week. Why is bitcoin pulling down today?
All the major cryptocurrencies have taken a battering this week, declining by almost $100billion across seven days.
Bitcoin (BTC) took intense losses, pulling down by 12.6 procent, from $7,900 to $6,600 te a 24 hour period.
While bitcoin managed some resistance at the $6,600 mark, it showcased little sign of recovery.
The token rallied slightly to commence today trading at $7,183, ter what has bot a chaotic week for the market te general.
Spil of Ten.30am on March 30, bitcoin’s price is presently $7,159.29 – down Five.47 procent according to CoinMarketCap.
The 2018 low of bitcoin still remains at $Five,947 on February 6, according to CoinDesk’s gegevens.
Bitcoin price: Why is bitcoin pulling down today? Why is BTC falling?
Bitcoin Price news: Bitcoin resumes to fall alongside other major cryptocurrencies.
Why is bitcoin pulling down today?
Bitcoin last klapper thesis lows te early February, 2018, dipping just below $6000 before spiking to $12,000, so investors should remain hopeful that history repeats itself.
Cryptocurrencies have bot under intense scrutiny this last week amid continuing dissatisfaction ter how tech companies such spil Facebook secure and distribute user gegevens.
It&rsquo,s hard to say what the cause of this current crash is outside of a general mistrust te technology.
The largest crypto coin wasn&rsquo,t the only one to suffer from the slump, spil the entire market suffers a bearish trend.
Cryptocurrency price: A year ter charts
Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year
LiteCoin is going down with the market dip [coindesk.com]
The average price for most major currencies, including Ethereal, Ripple and Bitcoin Contant, fell by more than 13 procent te the last few days of March.
The market lost more than $40 billion across two days.
While many investors are startled this could be the end of bitcoin&rsquo,s meteoric rise, evidenced te the diminished volumes on Binance, Bitfinex and Bithump, volumes on futures markets are intensifying.
Fundstrat co-founder, Tom Lee, remains certain that bitcoin will still end the year at $20,000, given the historic durability of the currency.
Analysts fully expect the market to stabilise during the mid-April US tax deadline, spil investors scramble to secure specie to pay capital gains tax.
Bitcoin has bot known before to bounce back from bearish rends before, and there is no reason to think it won&rsquo,t do the same again.