The cryptocurrency market (Especially Bitcoin) was on decline yesterday. The cryptocurrency market is so volatile that incredible changes can occur in minutes. A striking example can be observed with the main digital currency.
Bitcoin’s price dropped to $3,637 last night, but in just 30 minutes, it went up to $5,260. This performance is accompanied by the downward movement of the entire market. Currently, the market capitalization is $145.912.908.673. In particular, in the last 24 hours, the minimum value has touched around 130 billion.
What happened this week
Monday: the start of the trading session was the worst in 2020. After a slump in oil prices, the prices of Bitcoin and other cryptocurrencies also fell. The bitcoin value decreased by 9,32% in 24 hours, Ethereum lost 10,48%, Litecoin decreased by 14,41%, XRP decreased by 9,95%.
Tuesday: it was a positive day for investors. Market indices rose, tech stocks also showed a bullish signal. The crypto sector also engaged in the recovery phase, with the price of Bitcoin exceeding the $8.000 level. However, this trend did not last long, as the good Tuesday was replaced by the bad Wednesday.
Wednesday: the price of bitcoin has fallen below $8.000. In addition, US stock futures have declined sharply.
Thursday: Bitcoin continued to plummet. Its price has dropped more than 23% and has been given below $6.000. Other digital assets have lost a similar percentage and the whole market has been seriously affected.
Friday: the price of Bitcoin drops further, but you can still take advantage of it by using an automatic trading bot like Bitcoin Pro. In the early hours, the price plummeted to $3,637, which is a new annual low. But in half an hour it rebounded to $5.260. According to Coinmarketcap, Bitcoin currently earns $5.442 per coin.
Today: The bitcoin is kind of hanging around $5,370.32.
Down-grade market: what to expect?
Overall, the cryptocurrency market is on the decline. For example, Ethereum has lost 25,94% in the past 24 hours, XRP has fallen 18,24%, Litecoin has dropped 21,69% over the same period, Tether is down 1,68%. In general, higher volatility is expected.
People start selling their cryptocurrency reserves en masse in fear that they will lose everything. Furthermore, the largest order settlement sequence ever seen is occurring. The BitMEX exchange has already destroyed orders worth $702 million, which has been a record since November 2018.
It is not clear what to expect. There is too much panic caused not only by the ups and downs of the market but also by the further spread of the coronavirus. The World Health Organization has already declared COVID-19 a global pandemic. As a result, Donald Trump has banned travel to the United States from Europe.
Many countries have banned flights to and from Italy, Iran, and China. The only hope is currently represented by biotechnology companies that work on possible vaccines to overcome the virus.