This weekend, the cryptocurrency news brought a lot of reds and dips for Bitcoin, the most dominant cryptocurrency, as well as many other altcoins. Aside from Bitcoin, Ethereum, Ripple and EOS were falling too – as well as almost every altcoin in the top 20.
The market sentiment has changed from bullish to bearish in a matter of hours. And despite February was a great month for cryptocurrencies and there were significant gains seen on the 8th, the 18th and the 23rd – it all comes down to new losses right now.
At the highest point, Bitcoin was up more than 22% for one month, increasing from $3,400 to $4,200 before the market corrected and sold off roughly 10% while bringing the price back well below the $4,000 mark.
Before this sell-off, there were some signs that traders had started positioning themselves for higher BTC prices, mainly illustrated by the Bitcoin short-to-long ratio which has fallen to low levels that haven’t been seen since mid-2018.
In times when the trading volume is otherwise thin, a few big sell orders are all that it takes to ignite such big of a sell-off and cause panic selling among the short-term speculators. Circles like these seem to reinforce themselves repeatedly.
Right now, the total crypto market cap is valued at $128, which is more than $10 billion less than the $139 billion market we all remember (from few days ago).
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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