Bitcoin is falling. The cost of the entire cryptocurrency market fell to $ 253 billion, which is $ 100 billion less than last week. The price of most major cryptocurrencies, including Bitcoin, Ethereum, Ripple and Bitcoin Cash, fell by more than 13 percent on March 30.
Bitcoin is falling. The fall continues
In the last 24 hours, the cost of bitcoin has decreased from 7,900 to 6,600 US dollars, which led to a 12.6 percent decrease in cost. Ethereum, Ripple and Bitcoin Cash all fell by more than 12 percent, as the market lost more than 40 billion dollars within two days.
Both bitcoin and the crypto-currency market have not seen these levels since the beginning of February when the bitcoin price dropped to 6,000 dollars. Having reached its bottom for 6000 dollars, the price bitcoin increased to 12 000 dollars, reaching 14 000 dollars in South Korea and Hong Kong.
ALTHOUGH BITCOIN SHOWED SOME RESISTANCE AT AROUND $ 6,600, HE ALSO SHOWED MINIMAL SIGNS OF RECOVERY
The volumes of most exchanges, including Binance, Bitfinex, Bithumb, Bitflyer, and Upbit, remain relatively low, but volumes in futures markets are increasing.
Several analysts, including Tom Lee, of Fundstrat, based on Wall Street, said that bitcoin is still on track to $ 20,000 by the end of the year, especially if the market can begin a medium-term recovery in the coming months.
Abra CEO Bill Barhydt said that although institutional investors and traders in the west do not have much interest in the crypto-currency market, it does not refer to Asia.
“AT THE MOMENT IN THE CRYPTo, INSTITUTIONAL MONEY FROM THE WEST IS ALMOST ZERO. THIS IS SEEN IN JAPAN. AFTER THE BIG INJECTIONS OF WESTERN INSTITUTIONAL MONEY BEGIN, THEN HOLD ON “
- said Barhydt.
Given the lack of volumes, it is likely that the crypto-currency market may continue to fall in the next few days. However, if bitcoin does not survive its low volumes, and the price of the most dominant cryptocurrency in the market will fall below the $ 6000 mark, this could lead the market to another bearish cycle.
Where does the market go?
Barhydt said that hedge funds, institutional investors, and investment firms are still actively studying the crypto-currency market and are exploring the possibilities of entering the market. He stressed that hedge funds are likely to see a window of opportunities to enter the cryptocurrency market when the market stabilizes, and the extreme volatility of bitcoins and other major digital currencies will subside.
“I talk with hedge funds, people with a high level of private capital, even with commodity speculators. They are watching the volatility on the cryptocurrencies, and they see this as a huge opportunity. As soon as this happens, it will be equivalent to the opening of locks. That’s when the fun begins. “