The cryptocurrency market has been in a bad mood over the past week, undergoing a continuous decline after the market cap dropped $16 billion in only 24 hours. Currently, Bitcoin is down 8% and dropped from ,700 to ,135 at press time.
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Right now, analysts say that $6,000 is the most important line of support for Bitcoin – and that the largest cryptocurrency shouldn’t fall below this number. Ethereum, meanwhile, is still down 10% and EOS is down over 15%, marking one of the strongest declines over the past day (and few days in total). Litecoin is in a similar situation, hitting a 7-month low of $75 and dropping 11%.
A lot of market analysts weighed down their thoughts and views of the situation. Many agree that the news from Japan has influenced this decline – especially after the Financial Service Agency issued 6 exchanges with business improvement orders after conducting on-site inspections.
The national regulator in Japan is seen as cracking down the exchanges after declaring that all of them need to improve their KYC regulations and work towards reducing risk.
An analyst and president of Blue Line Futures named Bill Baruch recently said that Bitcoin’s decreased volatility signals that selling may finally be an exhausting practice which is why the largest cryptocurrency is bottoming out at $6,000. He also pointed that the huge surge in December 2017 was because of the introduction of CME and CBOE Bitcoin futures which will allow people to take long and short positions on the value of Bitcoin. According to him, the “tremendous speculation and fear of missing out” were among the reasons that made the Bitcoin prices “skyrocket too quickly”.
Right now, it is very possible that this decline will continue in the short term – especially as traders seek to preserve their holdings. The eyes are now on the $6,000 mark as a measurement of how far this decline will go before finding support at some level.
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