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Cryptorrency Markets Lost $40 Billion With The Drop This Week

Stefan by Stefan
27/11/2019
in Bitcoin News
Reading Time: 2 mins read
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The cryptocurrency markets lost more than $40 billion over the course of the last week when Bitcoin (BTC) dropped below $7,000 for the first time since May 2019. According to data and the latest Bitcoin news, we can see that the prices are still struggling to recover.

What actually happened is a situation where the markets were experiencing a downtrend for the past week or so and major cryptocurrencies were in the red. Bitcoin has dropped to $6,930 at its most minimal point and lost more than 20% in the last seven days.

On a wider scale, the cryptocurrency markets lost more than $40 billion and Ethereum which is the second biggest cryptocurrency dropped to $136, the lowest point since April. ETH reached $148 later on and corrected well.

A situation like this one would definitely have analysts weighing off different opinions. Famous for their “HODL” or not shorting digital assets, analysts believe that the downtrend might continue. Peter Brandt is one of them – he wrote that the BTC price might still go down soon.

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I actually do not think this is a valid H&S top, but one never really knows until history is written. $BTC pic.twitter.com/5cHTUb0qHf

— Peter Brandt (@PeterLBrandt) November 25, 2019

Brian Kelly from CNBC called this “an important low” commenting on the Bitcoin price movement on Friday at the FastMoney CNBC show. He also said that he believes growth in the Bitcoin addresses by 5% in the past 30 days is a good sign of a reversal and that “the fundamentals are improving on a selloff” as he said. However, the cryptocurrency markets lost a lot this week.

Bitcoin breakdown? The cryptocurrency just dropped 15% in a week. Here's what @BKBrianKelly thinks of the move. pic.twitter.com/n9kHpRrYDN

— CNBC's Fast Money (@CNBCFastMoney) November 22, 2019

The co-founder of Ethereum, Charles Hoskinson, wrote a post saying that the price of the leading cryptocurrency will reach $10,000 again and even $100,000. He remains optimistic despite the fact that the cryptocurrency markets lost $40 billion in a week.

Bitcoin's price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that's going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2

— Charles Hoskinson (@IOHK_Charles) November 22, 2019

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There are many different speculations over the reasons behind the recent fall of crypto. According to Bloomberg, for instance, the cryptocurrency markets lost that much because of China’s recent decision to halt cryptocurrency operations.

According to Oliver Renick who is a lead anchor at TD Ameritrade, prices are down because people are starting to realize that “they don’t need Bitcoin.” Still, all of these are personal opinions and there is no big and general cause for the recent drop.

At press time, the cryptocurrency news show that the market is recovering and has a total of $196 billion.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin altcoin marketscrypto marketcrypto market gainscrypto market losscrypto market newscrypto market postcrypto marketscryptocurrency marketsfeaturedmarket news
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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