The biggest cryptocurrency Bitcoin retraced by 7% ahead of the Easter Weekend reaching below $7,000 as we are reading further in the coming Bitcoin news.
The entire traditional sector saw some modest gains during the early trading hours and the crypto market dropped by more than $13 billion in the past 24 hours according to Nomics data. The large-cap cryptocurrencies dropped more than 8 percent at the same time while Bitcoin made a 6.8 percent drop making it the only exception.
According to the Bitcoin price index data, the biggest cryptocurrency fell from about $7,300 at 01:00 UCT on Friday, to just above $6,800 losing more than $500 in 14 hours. David Nuelle, the managing director of the Hehmeyer Trading+ Investments explained:
“Given some of the abruptness of the overnight move, it suggests that some larger holders were inclined to take profits at these relatively favorable prices. Other than that, I don’t see anything that would precipitate the market move.”
The CMS Holding Partner Bobby Cho also commented about the bitcoin price charts:
“With other markets closed and it being a U.S. holiday, the crypto markets are generally feeling less liquid. I don’t see this being an issue with crypto fundamentals, rather, short term market liquidity issues.”
Bitcoin Cash and Bitcoin SV lost their biggest portions in their value among the top 25 cryptos and dropped by 12 percent and 13.5 percent respectively. However, both of the coins achieved their halving events this week which could be a major contributor to the price decline. In contrast to the cryptocurrency markets, the traditional stock markets performed quite positively over the weeks. Both the S&P 500 and the Dow Jones Industrial Index reached a lot of gains in the past four days of trading despite the economic hit that was caused by the job losses across the world. The US saw about 10 percent of its workforce laid off In three weeks as a result of the Coronavirus pandemic. The jobless people grew to 6.6 million according to CNBC. The economies across the world are bracing for a bigger economic shock because of the pandemic while Germany and France are already seeing their economies into recession.
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