Over the past 24 hours, the cryptocurrency market dropped more than $22 billion, falling from $343 billion to $321 billion in market valuation. Bitcoin fell by 5 percent, while other major cryptocurrencies recorded larger losses, dropping by more than 7 percent.
What Triggered the Drop?
On previous reports, CCN emphasized that while the cryptocurrency market has somewhat stabilized in terms of price movements, the volumes of most digital currencies remained relatively low. Bitcoins volume has not been able to rebound past the $5 billion mark, leading investors to become uncertain about the short-term future of the cryptocurrency market.
The bitcoin price initially seemed to be bottoming out at $7,500, building momentum around the $7,600 region and breaking the $7,700 mark. While prominent investors and experts including Peter Brandt suggested a short-term rally for bitcoin, the volume of bitcoin failed to pick up, disallowing bulls from taking over the market.
Read the Article:
https://www.ccn.com/bitcoin-drops-to-7200-while-ethereum-ripple-and-bitcoin-cash-see-losses/This might have been a nightmare for some participants who invested at Bitcoin, Ethereum and other Cryptocurrencies.
What are your thoughts?